Controversy Erupts as SBI Plans to Relocate Key Global Markets Unit

The State Bank of India (SBI) plans to terminate the lease of its Global Markets Unit in Kolkata, drawing criticism from civil society. The Bank Bachao Desh Bachao Manch argues this move could undermine Kolkata's economic role, while SBI aims to consolidate operations in Mumbai. The RBI's involvement is requested.

The State Bank of India (SBI) has decided to terminate the lease for its Global Markets Unit (GMU) premises in Kolkata, sparking objections from a civil society forum. The group has called on the Reserve Bank of India (RBI) to intervene and prevent the closure of the unit without obtaining regulatory approval.

SBI issued a notice on January 14, 2026, to a vendor, signaling the termination of the lease for the 11th to 16th floors of the Jeevan Sudha Building, which hosts its foreign exchange and global markets departments. The move is part of SBI's strategy to consolidate its treasury and forex operations in Mumbai.

The Bank Bachao Desh Bachao Manch (BBDBM) expressed concerns that the shutdown of the GMU, a unit vital to West Bengal's economy, could diminish Kolkata's financial significance. The forum urged RBI Governor Sanjay Malhotra not to authorize the closure without explicit regulatory permission, asserting it would overstep the RBI's authority.