Core elements of the global banking industry are moving to India

Statistics, data management and cloud-based operations are among its strengths


India's laws may be perplexing and its domestic markets inefficient, but it's becoming an essential hub for international banks

Statistics, data management and cloud-based operations are among its strengths

India is not such a place. Its laws are many and perplexing; its domestic markets, inefficient and politicised. Though saving is unrewarding, capital is still costly for entrepreneurs. International firms are mostly limited to cross-border activities. It often scores badly on quality of life.

So it is hardly surprising that although tiny Hong Kong and Singapore are globally renowned centres of finance, Mumbai, India’s financial capital, features low on most rankings. But the country is nonetheless becoming an essential hub for international banks. India is often their second-largest place of employment after their home country, and becoming ever more important for their innovation efforts.

Goldman Sachs’s new campus in Bangalore cost $250m. Once inside, a visitor feels he has been transported to the company’s New York headquarters (the same architect designed both). Both have similar amenities, such as subsidised fitness and child-care facilities, as well as a medical office. The number of people Goldman employs in Bangalore has risen from 291 in 2004 to 5,000. And India itself now provides expats, with more than 700 Indians on transfers to the firm’s offices elsewhere.

has opened three new centres in India. The most recent, in the western city of Pune, is in a building shared by Credit Suisse and Alliance and Northern Trust, a stone’s throw from others occupied by Barclays and Citi. Between Mumbai and Pune

Among the recent hires are a group of women returning to work after years away to care for children or ageing parents. Their careers have included stints at banks, rating agencies and a global pharmaceutical company, with expertise in risk analysis, quality control and product management.

Read more: The Economist

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09 August 2019, Friday News

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