Wall Street banks are to rely on the Indian business support centers after President Donald TrumpA shock step to impose a $ 100,000 fee on new applications for the widely used H-1B visa program.

American lenders, including Citigroup Inc.JPMorgan Chase & Co. And Goldman Sach Group Inc. Among the largest employers in the alleged global power centers in India, which deal with operations of commercial support and risk management to technical assistance. The centers are equipped with software engineers and accounting professionals, as the centers provide low -cost services while granting companies access to skilled talents that are not easily available in their home markets.

Although Trump seeks to protect our jobs by curbing immigration, the new rules can stimulate banks to deepen their presence in Indian technology centers such as Mumbai, Bangaluru and Hyderabad, which already employs more than 1.9 million people, analysts said.
“Unless new restrictions are placed on bullets abroad, foreign banks will depend more on their Indian capacity centers,” said Omach Hadhdd, the founder of the Infuch Employment Company, who has worked with American lenders for more than two decades.

The H-1B visa program is widely used by the Indian technology sectors and the United States to bring skilled workers from abroad, while financial companies and consulting companies are also senior users. The workers born in the Indians made 72.3 % of all the beneficiaries of H-1B in the American fiscal year until September 2023, which includes primary and continuous workers.

The Gulf Cooperation Council has become a market of $ 64 billion, with an annual growth of about 9.8 % from 2019 to 2024, according to EY. The number of centers is preparing to jump up to 2500 by 2030, up from 1700 currently, with the expected market value to reach $ 110 billion, the consulting company said. Citigroup has about 33,000 employees in the country, while Bank of America Corp. It has more than 27,000, JPMorgan employed 10,000. “However, none of which will jump the gun in advanced situations. They will wait for more clarity.”

A report in the Journal of Administration found that when countries impose restrictions on skilled immigrants, companies tend to respond by employing more employees abroad. The most “globalization” companies employ one employee abroad for each visa rejection, according to the 2023 study.

Current holders
JPMorgan did not apply to the fact that the new fees do not apply to the current H-1B visa holders, Sjoerd Leenart, the bank’s chief executive in the Asia Pacific region of Bloomberg Television in Monday in Mumbai. He said it was too early to assess the complete impact of the proposed changes.

In July, Indian Minister of Trade and Industry, Joach Joyal, said that the rules of immigration-including those related to H-1B visas did not appear in the American trade talks.

Parvathy Tharamel, partner at the Tilegal Law Office, said that India is already appearing as the backbone of the global capacity centers of international banks, cash leadership, compliance, technology and innovation.

She said: “The new H-1B restrictions will not only accelerate this trend, which pushes more technology across borders and high-value roles to the centers of India.”

However, expansion plans may be reduced due to uncertainty about more American measures that can weigh the global strategies of banks. While the United States imposed a 50 % duty on goods exports in India, the services sector remains exempt.