Companies scramble to protect their workers from India’s Covid surge
Big banks and accounting firms do most of their business in New York, London, Hong Kong and Tokyo. But they wouldn’t be able to function without their back offices, many of which are located in Covid-stricken India.
Financial services firms have outsourced a huge number of information technology and operations jobs to India in recent decades, attracted by an educated workforce and cheaper labor costs. Almost 4.4 million people in the country are employed in IT and business process management, according to the National Association of Software and Service Companies, a trade body.
Big banks and accounting firms do most of their business in New York, London, Hong Kong and Tokyo. But they wouldn t be able to function without their back offices, many
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The monetary penalty has been imposed on the bank for non-compliance with certain directions contained in the Reserve Bank of India (Frauds - Classification and Reporting by commercial banks and select FIs) Directions 2016 .