This follows stricter banking regulations and heavier taxes promised by the previous Labour government — so far endorsed by the new Conservative-Liberal Democrat coalition — in the aftermath of the global economic storm.
John Varley, Barclays chief executive, in an interview said London would be damaged by imposing taxes on the bank. Barclays already has expanding operations in India and has also launched a Non-Resident Indian (NRI) banking service outside India, including Britain.
Barclays, who weathered the international meltdown better than rivals like Royal Bank of Scotland and Lloyds, expects to considerably reduce outgoings. "Clearly there are some cost savings involved, but our main driving force is to create a global centre of excellence in India," Vikki Williams, head of Card Fraud Operations, was quoted as saying.
The unpleasant task of collecting dues will be increasingly carried out by determined call centre agents in India, who buzz customers in the UK incessantly demanding payments.
Thanks to Economic Times
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