SBI does not rule out shifting part of ops from Kol to Mum
Times of India | 24 June 2025
12 Kolkata: SBI has not ruled out the possibility of shifting a portion of its Global Market Unit (GMU) from Kolkata to Mumbai. This came in response to a query by Kolkata-based Bank Bachao Desh Bachao Manch (BBDBM), a civil society forum, to the President of India.BBDBM, in its letter to the President, wrote: "As per our information, SBI plans to relocate its Centralised Global Back Office (CGBO), which operates across global financial hubs, including Sydney, Bahrain, Hong Kong, London and New York, along with its forex treasury, derivatives and structured products divisions."In its reply, SBI said that the opening, shifting and rationalisation of branch offices was a continuous process undertaken in the bank's normal course of business. "In this regard, we advise that opening/shifting/rationalisation of branch/offices is a continuous process undertaken by the bank in the normal course of business, and such initiatives are taken after due consideration of the evolving business/operational requirements and administrative exigencies," SBI said.In its letter, BBDBM also pointed out how GMU (formerly known as the Foreign Department, Kolkata) successfully carried out operations from Kolkata since its inception. GMU was opened here in 2015 following the initiative of then SBI chairman Arundhuti Bhattacharya.In its reply to the SBI letter, BBDBM said: "We are dismayed at the reply furnished by SBI Corporate Centre, which offers a generic and bureaucratic response devoid of substance or justification. The reply neither addresses the core issues raised in our original complaint nor provides a rationale for the displacement of strategic banking operations from Kolkata, which have functioned efficiently and profitably for decades."The forum complained that this was not the first attempt to strip Kolkata of its pivotal role in SBI's forex operations. Two decades ago, a similar move was thwarted through the collective resistance of employees and officers, it said.BBDBM spokesperson Ashok Mukherjee said any move to relocate this division would be a big loss for the city and should be stopped.Kolkata: SBI has not ruled out the possibility of shifting a portion of its Global Market Unit (GMU) from Kolkata to Mumbai. This came in response to a query by Kolkata-based Bank Bachao Desh Bachao Manch (BBDBM), a civil society forum, to the President of India.BBDBM, in its letter to the President, wrote: "As per our information, SBI plans to relocate its Centralised Global Back Office (CGBO), which operates across global financial hubs, including Sydney, Bahrain, Hong Kong, London and New York, along with its forex treasury, derivatives and structured products divisions."In its reply, SBI said that the opening, shifting and rationalisation of branch offices was a continuous process undertaken in the bank's normal course of business. "In this regard, we advise that opening/shifting/rationalisation of branch/offices is a continuous process undertaken by the bank in the normal course of business, and such initiatives are taken after due consideration of the evolving business/operational requirements and administrative exigencies," SBI said.In its letter, BBDBM also pointed out how GMU (formerly known as the Foreign Department, Kolkata) successfully carried out operations from Kolkata since its inception. GMU was opened here in 2015 following the initiative of then SBI chairman Arundhuti Bhattacharya.In its reply to the SBI letter, BBDBM said: "We are dismayed at the reply furnished by SBI Corporate Centre, which offers a generic and bureaucratic response devoid of substance or justification. The reply neither addresses the core issues raised in our original complaint nor provides a rationale for the displacement of strategic banking operations from Kolkata, which have functioned efficiently and profitably for decades."The forum complained that this was not the first attempt to strip Kolkata of its pivotal role in SBI's forex operations. Two decades ago, a similar move was thwarted through the collective resistance of employees and officers, it said.BBDBM spokesperson Ashok Mukherjee said any move to relocate this division would be a big loss for the city and should be stopped.