Bjp Flays Moving Of Sbi Overseas Branch To Mumbai

The West Bengal unit of Bharatiya Janata Party yesterday opposed the State Bank of Indias move to shift its overseas branch from Calcutta to Mumbai and alleged the move reflected the neglect of the state by the United Front government.

Accusing State Bank of India of falling prey to an influential coterie in the foreign exchange market, state party vice-president Paras Dutta said the decision would deal a severe blow to city-based exporters and importers and the entire business community in eastern India.

It would lead to virtual closure of the Calcutta foreign exchange market, as a variation of even one paisa of exchange rate could result in large inflow and outflows, which the local companies would not be able to take advantage of, Dutta said.

 

The decision, coming during the rule of the United Front, of which the Left was a partner, reflected the neglect of the state by the Centre and the Left Front, he said.