A civil society forum focusing on bank issues on Monday staged a protest outside State Bank of India’s (SBI) circle headquarters in Kolkata, opposing the lender’s decision to shift its Global Market Unit (GMU) out of the city.

The Bank Bachao Desh Bachao Manch (BBDBM) alleged that the move would undermine West Bengal’s economy and erode Kolkata’s historic role in the country’s banking structure.

The BBDBM warned that the relocation would deprive West Bengal of over Rs 65 crore in annual GST revenue from the GMU and International Remittance Centre (IRC) and will impact more than 70 contractual employees.

“This is not an administrative reshuffle, it is a systemic attempt to strip Kolkata of its rightful place in India’s banking structure,” BBDBM joint convenors Biswaranjan Ray and Soumya Datta said in a statement.

“Kolkata has been the cradle of SBI’s foreign operations since its inception. Undermining this legacy is an attack on both history and regional equity,” the forum said.

Asoke Mukherjee, former GMU employee and spokesperson of the Manch, said, “If the SBI GMU is shifted, West Bengal’s economy will suffer.

The forum submitted a memorandum addressed to the SBI Chairman to the General Manager of the bank’s GMU unit in Kolkata, urging immediate reversal of the decision.

It also threatened to escalate protests across democratic and legal forums if the demand is ignored.

Over 200 citizens, including doctors, engineers, advocates, students and senior citizens, participated in the demonstration.

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