Local banking giant DBS bank is on its way towards shifting over 1500 jobs to India by the end of 2 years, says a report by the Economic Times of India. According to the report, the technology hub located in Hyderabad is the biggest technology hub owned by the bank.
DBS Chief Executive and Indian FT says that the facility was located in India because of its "enabling ecosystem for technology innovation and access to a wide global talent pool". The bank added that locating the jobs in Hyderabad would strengthen its technological edge and its digital banking strategy in Asia.
The report also revealed that other banks, such as HSBC and RBS, have also invested in large scale technology hubs in India, where they have outsourced a number of technical jobs to the cheaper labour force there.