SBI cell set for November launch
The inward remittance cell of the State Bank of India (SBI), which was expected to start functioning by September, will now start operations only after mid-November.
The decision to centralise the inward remittance cell in Kolkata, rather than Mumbai, was taken after a series of agitations by several bank unions to partly shift the foreign department of the bank to Kolkata from the financial hub of the country.
Sources said, the delay was on account of infrastructure and software-related problems, which would soon be sorted out.
However, on a pilot basis the centralised inward remittances has started at the NRI branch of SBI in Kolkata. Baring some back office operations, most of the work of the foreign department of the bank, including dealing and cover operations, are now dealt in Mumbai.
The new cell will take care of the foreign remittance to SBI from outside the country, a task which was earlier scattered in select SBI branches across the country. In 1997-98, the SBI management had decided to shift the forex dealing and cover operations to Mumbai to integrate it with its domestic treasury operations. The original demand of the several bank employees associations in Kolkata was to equally divide the forex operation of the bank between Mumbai and Kolkata.
The remittance cell will recruit about 30 clerical staffs, and ten officers' level employees.