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India can handle 30% of US bank work

India's BPO industry is capable of processing up to 30% of the US bank transactions by 2010, says Nasscom.

india Updated: Sep 27, 2006 16:55 IST

The BPO industry in the country has the potential to process up to 30 per cent of the US bank transactions by 2010, Nasscom President Kiran Karnik has said.

"Currently, 8 per cent of the US banking transactions are processed by Indian BPOs and the figure has the potential to rise up to 30 per cent by 2010," he said.

According to a research conducted by Forrester in 2005, there were more security breaches in the UK and the US than in India, he said.

Karnik said there have been two cases in India of breaches in data security in the last 18 months and in both instances arrests were made by the police.

The watchdog of the UK banking industry, Banking Code Standards Board, had announced that they had scrutinised Indian call centres and standards have yet again proven to be amongst the best in the world, he added.

An independent Self Regulatory Organisation (SRO) to establish, monitor and enforce privacy and data protection standards for the ITES and BPO industry in the country would be formed, Karnik said.

The SRO has already completed its initial round of funding and the final roll out phase, including industry memberships, is underway, he said.

Karnik said it would commence operations in the next 3-6 has already received approval of the Nasscom executive council.