SBI Ends Lease for Kolkata GMU Premises Amid Calls for RBI Intervention

The State Bank of India (SBI) has terminated the lease for its Global Markets Unit (GMU) premises on the 11th to 16th floors of the Jeevan Sudha Building in Kolkata, signaling plans to consolidate treasury and foreign exchange operations in Mumbai. The GMU employs around 132 permanent staff and nearly 300 including contractual workers, with concerns raised about job losses and a potential annual GST revenue loss of about ₹25 crore. The civil society forum Bank Bachao Desh Bachao Manch has urged the Reserve Bank of India to intervene and prevent the closure without regulatory approval, highlighting the operational and economic impact on the city.