'India to get $1 bn in IT outsourcing contracts'

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'India to get $1 bn in IT outsourcing contracts'
Mumbai, Nov 23: IT outsourcing vendors, TCS, Infosys and Wipro, are set to gain contracts worth about $1 billion as US banks emerge from the Troubled Asset Relief Program (TARP), a media report said.

According to Economic Times report, JPMorgan, Goldman Sachs and Morgan Stanley that received approval to buy back government stake worth $68 billion earlier this year are among the firms seeking operational efficiencies by outsourcing non-core IT and back-office projects to India.

American Express, Bank of New York Mellon and Capital One, which have started repaying government debt, were also considering outsourcing, it said.

Andy Efstathiou, director of the banking sourcing practice at research and consulting firm NelsonHall, said, "US banks are increasing offshoring."

Many of these banks had deferred new offshoring decisions, as they attempted to cope with TARP funding and internal restructuring of processes, the report said.

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