SBI Terminates Kolkata GMU Lease; Civil Society Urges RBI Intervention

• State Bank of India (SBI) has terminated the lease for its Global Markets Unit (GMU) premises in Kolkata, located on the 11th to 16th floors of the Jeevan Sudha Building on Jawaharlal Nehru Road.
• The termination notice, dated January 14, 2026, gives a one-month period to vacate, indicating SBI's plan to consolidate treasury and forex operations in Mumbai.
• The Bank Bachao Desh Bachao Manch (BBDBM), a civil society forum, has urged the Reserve Bank of India (RBI) to intervene and prevent the closure of GMU Kolkata without regulatory approval.
• BBDBM highlighted that the GMU and Centralised Global Back Office (CGBO) were established in Kolkata in 2015 and have been crucial for international banking activities and employment in West Bengal.
• The proposed closure could diminish Kolkata's role as a financial hub for eastern and north-eastern India, according to BBDBM joint convener Soumya Datta.

Why It Matters: SBI's move to close its Kolkata GMU faces strong opposition, with civil society urging RBI to intervene.