World Bank sets up accounting back-office in India <http://www.ciol.com/images/reuters.gif>
The World Bank is setting up a major accounting office for its global operations. The centre would handle payroll processing, accounts, travel management, trust funds accounting and country office accounts. Reuters Sunday, March 10, 2002 <script> </script> CHENNAI: The World Bank, following a trail blazed by a host of other multinational firms, is setting up a major accounting office for its global operations here, a bank official said on Saturday. Ravinder Paul Bhatia, who heads the Washington-based lender's new back-office operation, told Reuters by electronic-mail the centre would handle payroll processing, accounts, travel management, trust funds accounting and country office accounts. Bhatia said the information technology centre, manned by a team of about 100 employees, would also provide help desk support on the Bank's budget policies and processes. The World Bank facility, spread over 27,000 sq ft (2,500 sq metre), is due to be formally opened on March 15. It joins a growing number of similar India-based manpower and technology intensive back-offices. Last month, Dutch banking group ABN AMRO NV set up a global support centre for its trade and advisory business unit in Madras. Several U.S. companies, including Ford and the financial services arm of General Electric, have already set up major accounting or support back-office operations in India, tapping the abundant supply of skilled computer technicians and English speaking graduates at substantially lower salaries. Bhatia said the World Bank intended to consolidate the newly set up back-office operation before eyeing further expansions. He however declined to give details on the investments made for setting up the centre. The centre will support accounting operations across the Bank's offices in about 150 countries and is expected to process trust fund transactions valued at between one to two billion dollars a year. (C) Reuters Ltd. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Anthony P. D'Costa, Associate Professor Comparative International Development University of Washington Campus Box 358436 1900 Commerce Street Tacoma, WA 98402, USA Phone: (253) 692-4462 Fax : (253) 692-5718 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
