Is this true chat?

Yup. Companies like Goldman Sachs, Barclays, BNY Mellon, DB, UBS have some their largest offices in India already in terms of people. This is pretty old news though. Business comes under shared services domain. Not just banks but any global conglomerate will do this eg.. Shell, PepsiCo. Majorly it’s cos of cheap and skilled labour

Lot of these GCCs source their employees from IT companies (Staff Augmentation models), so even though the GCC will produce good output, do not expect the salaries to be sky high.

Very true. This isn’t just Banking. Across manufacturing many companies are building GCCs in India. Indian IT is moving from being a back office to the front.