State Bank of India (SBI) has terminated the lease for its Global Markets Unit (GMU) premises in the city, drawing objections from a civil society forum, which has urged the Reserve Bank of India (RBI) to intervene and prevent any closure.
According to an SBI notice dated January 14, 2026, issued to a vendor, the bank said it is terminating the lease for the 11th to 16th floors of the Jeevan Sudha Building on Jawaharlal Nehru Road in central Calcutta. The premises house the GMU, which handles certain functions including foreign exchange, treasury operations, remittances and various global back-office activities.
The notice provides a one-month period to vacate, indicating the bank’s plan to consolidate these operations in Mumbai.
The GMU employs around 132 permanent staff, including officers and clerks. With contractual workers, total employment linked to the unit is close to 300. While permanent employees are being relocated, sources said contractual staff are unlikely to be retained. The unit’s GST contribution is estimated at about ₹25 crore annually, the loss of which could impact the state exchequer.
Opposing the move, civil society forum Bank Bachao Desh Bachao Manch (BBDBM) has written to the RBI governor seeking regulatory intervention. In the letter, joint convenors Biswaranjan Ray and Soumya Datta said SBI has already informed LIC of its intention to vacate the premises by March 31, 2026, suggesting that the decision to shut the GMU in Calcutta has been operationalised.
The forum has urged the RBI not to accede to any request by SBI for the surrender of the licence required to operate the GMU in the city.
The forum had earlier also flagged that the lender has gradually shifted several key operations out of the city over the years, including the income tax department, balance sheet work and central accounts functions, which were moved to Mumbai.
The proposed closure could harm specialised banking, jobs and regional financial capacity.