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NEWS: World Bank will do back-office work from Chennai
World Bank will do back-office work from Chennai
by Papri Sri Raman, Indo-Asian News Service
Chennai, Mar 16 (IANS) The World Bank will conduct back-office operations
from Chennai, capital of the southern Indian state of Tamil Nadu.
The Bank formally opened its offices in a glittering function late Friday
night.
"The World Bank is pleased to welcome India as a partner in business after
50 years (of existence), let us go from strength to strength," Gary Perlin,
senior vice-president and chief financial officer of the Bank said.
Chief Minister Jayaram Jayalalitha had invited the Bank to move its entire
back-office hub to Chennai. "The World Bank's investment in Chennai is not a
cost cutting exercise. It is a value addition proposition," she had told the
Bank.
"Tamil Nadu will soon establish itself as the business processing
outsourcing capital of the country," said Jayalalitha, who was present on
the occasion.
"It is a testimony to Chennai's strength that the World Bank has chosen
Chennai as its back-office hub."
Her ruling AIADMK government is now very eager to demonstrate its IT-savvy
face and keep its promise to "take Tamil Nadu forward on the IT highway."
Earlier, Jayalalitha had officiated in an online examination hall-ticket
distribution exercise by the Anna University this week, giving away the
first online tickets to a batch of delighted schoolgirls before clicking
cameras.
At least 400,000 students from all over Tamil Nadu apply for entrance to
professional colleges of the university every summer and disbursement,
filling in of forms and examination tickets are a major headache both for
the university and the student community every year.
The Bank back-office is located in a gleaming glass and chrome tower that
stands on Chennai's main artery. It had been standing empty for almost a
year.
On Saturday, there was a stream of white collard workers headed for the
27,000 sq ft Raheja Towers, which houses the back-office.
Perlin said the Bank had chosen Chennai as it had an adequate turnover of
updated IT and financial professionals and was seen as the destination that
could meet the group's professional requirements.
"The Chennai office will begin work with just about 100 people," said
Perlin. The Washington office employs 11,000 people.
The state government has sought Rs.11.5 billion Bank loan to revamp the
public transport system in Tamil Nadu.
The Bank is not the only international financial institution that has its
back-offices in Chennai. ANZ Grindlay's and Standard Chartered too have
their back-office operations in Chennai.
--Indo-Asian News Service
