IT companies worry about business being hit

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Weakness in banks in America and Europe

Mumbai: The US and European banking crisis could hit India's $245 billion IT business process management (BPM) industry. About 40 percent of the total revenue of the country's BPM industry comes from the Banking, Financial Services and Insurance (BFSI) sector.

Collapse of major banking institutions will not only affect existing businesses, but also reduce future tech spending, an analyst said.

While the country's companies like TCS, Wipro, LTI Mindtree and Infosys have extensive exposure to American banks, if the situation worsens, the income of such companies will not be affected.

Based on the conversation with the leaders of various IT companies, the analyst said that the entire IT industry of the country is currently in a state of concern.

Globally, North American banks are leading tech investments in the banking sector. In 2022, the banks here spent 82 billion dollars on the IT budget. The total global expenditure figure was 250 billion dollars, according to a report by a research firm.


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