Global Banks Are Shifting Their Core Activities to India

choi

Finance in India | On the Way to Wall Street, Forget call centres. Global banks are shifting their core activities to India. Economist, Aug 10, 2019.
https://www.economist.com/financ ... are-moving-to-india

Note:
(a) "FINANCIAL CENTRES [need good soil to develop and sustain] * * * For good measure, throw in the cultural amenities that attract the sorts of employees who could choose to live anywhere.  India is not such a place. * * * 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.  India has long received other countries' outsourced jobs. Some of those are unsophisticated, such as answering phones or processing forms. Many, however, rely on Indian Universities' remarkable ability to turn out engineers in great numbers, and computing firms' ability to use them to solve complex problems. Such tasks may be dismissed as 'back-office.' But they are at the heart of modern finance."

"For good measure" is a phrase.
(i) measure (n): "Figurative phrase for good measure is from good measure as 'ample in quantity in goods sold by measure' (late 14c)."
https://www.etymonline.com/word/measure
(ii) For Good Measure: "As an additional extra"
https://www.phrases.org.uk/meanings/for-good-measure.html

(b) "In recent years banks have become global networks * * * Systems that once merely updated balances [in balance sheet, I guess] now now determine financial-product marketing -- whom to send offers to, when to increase credit limits and when to adjust charges. For banks all over the world, many such tasks are now done in India. [also: for the meetings] a fact-sheet compiled by an Indian research team overnight. * * * Since 2014 the buy-out firm ['Blackstone'] jas nearly quadrupled the amount of property it leases in India to international financial firms, from 690,000 square feet (64,000 square metres) to 2.7m.  India's growing prowess in finance contrasts with its weakness in manufacturing. This is despite constant government intervention, most recently through the 'Make in India' campaign launched in 2014 by the prime minister, Narendra Modi. The main difference is that financial firms, unlike manufacturers, are able to avoid many of India's impediments:  a maze of permissions and tariffs that control production, laws supposed to protect low-wage workers that instead discourage hiring, and wretched transport and communications networks. The towers that house international financial firms have dedicated phone and high-speed internet connections, generators to provide backup power and global standards of fire safety."
(c) "Goldman Sachs' new campus in Bangalore costs $250m. Once inside, a visitor feels he had been transported 6to the company's New York headquarters (the same architect designed both_. Both have similar amenities, such as subsidized fitness and childcare facilities, as well as a medical office. The number of people Goldman employs on Banfalore has risen from 291 in 2004 to 5,000. And India itself now provides expats, with more than 700 Indians on transfer to the firms offices elsewhere."

(d) "In the past few years UBS has opened three new centres in India. The most recent, in the Western city of Pune, is in a building shred by Credit Suisse and Alliance and Northern Trust, a stone's throw from others occupied by Barclays and Citi. Between Mumbai and Pune UBS bow has 4,000 employees. * * * [In India] UBS's research department hires staff with expertise in cloud computing, statistics, machine learning and automation. They have contributed to recent reports using, for example, web-scraping tools to understand trends in the pricing of air-conditioning, geospacial technology to malpe bank branches and population density, and analysis of corporate filings to map cross-shareholdings of corporations and uncover their vulnerability to a credit crunch.  UBS is perhaps unusually committed to innovation in India. But any large banks with operations in the country is making significant efforts in similar ways. With hindsight, given its prowess in computer engineering, all this will look obvious. But bankers say they have been startled by how fast India, notwithstanding its local challenges, has become an intellectual force that is now shaping their [bankers] global futures."
(i) Pune
https://en.wikipedia.org/wiki/Pune
(section 1 etymology)
(ii) Northern Trusthttps://en.wikipedia.org/wiki/Northern_Trust
("is one of the largest banks in the United States and one [of] the oldest banks in continuous operation [in United States, whose oldest bank in continuous operation is BNY Mellon (1784- )] * * * was founded in 1889 by Byron Laflin Smith in a one-room office [in downtown Chicago] with a focus on providing trust and banking services for the city's prosperous citizens")
(iii) Barclays
https://en.wikipedia.org/wiki/Barclays
(1690- ; 1736 [co-founder John] Freame's son-in-law James Barclay became a partner; Headquarters London)

(e) I fail to find any statistics on this topic, such as assets managed by foreign banks in India, historical trends (from how much in what year to how much in what year), etc.