Archive · 18 Jan 2026
SBI Terminates GMU Kolkata Lease
The State Bank of India (SBI) has decided to end the lease for its Global Markets Unit (GMU) in Kolkata.
This unit is located in the Jeevan Sudha Building on Jawaharlal Nehru Road.
SBI has given a one-month notice to vacate the premises.
The bank plans to move these operations to Mumbai.
A group called Bank Bachao Desh Bachao Manch (BBDBM) is worried about this decision.
They have asked the Reserve Bank of India (RBI) to step in and not allow the closure without proper approval.
The GMU in Kolkata has been important for supporting international banking activities and creating jobs in the region.
BBDBM fears that closing this unit could hurt Kolkata's role as a financial hub for eastern India.
The unit employs around 300 people, including 132 permanent staff, and contributes about ₹25 crore annually in GST, which could impact the state's revenue.
SBI has terminated the lease for its GMU in Kolkata, housed in the Jeevan Sudha Building.
The bank issued a notice on January 14, 2026, with a one-month vacate period.
SBI plans to consolidate treasury and forex operations in Mumbai.
Civil society forum BBDBM has urged the RBI to intervene and prevent the closure without regulatory approval.
The GMU and Centralised Global Back Office (CGBO) were established in Kolkata in 2015 and support overseas centres, employing around 300 people and contributing ₹25 crore annually in GST.
- Who
- State Bank of India (SBI) and civil society forum Bank Bachao Desh Bachao Manch (BBDBM)
- What
- Termination of lease for SBI's Global Markets Unit (GMU) in Kolkata
- When
- Notice issued on January 14, 2026, with a one-month vacate period
- Where
- Jeevan Sudha Building, Jawaharlal Nehru Road, central Kolkata
- Why
- SBI's plan to consolidate treasury and forex operations in Mumbai
- Bank
- State Bank of India (SBI)
- Unit
- Global Markets Unit (GMU)
- Location
- Jeevan Sudha Building, Jawaharlal Nehru Road, Kolkata
- Notice Date
- January 14, 2026
- Vacate Period
- One month
- Civil Society Forum
- Bank Bachao Desh Bachao Manch (BBDBM)
- RBI Governor
- Sanjay Malhotra
- Establishment Year of GMU
- 2015
- Annual GST Contribution
- ₹25 crore
- Permanent Staff
- 132
- Total Employment (including contractual)
- 300
Sources
SBI Ends GMU Kolkata Lease, Civil Society Calls on RBI to Intervene
SBI terminates GMU Kolkata lease; civil society urges RBI to step in
SBI terminates GMU Kolkata lease; civil society urges RBI to step in
SBI Kolkata GMU closure: Bank terminates lease, civil body seeks RBI intervention - Telegraph India
