Deutsche Bank to hire 1,000 people in India this year

The company has identified four regions for technology centres, with India being the biggest among them. Its India tech centre already has 4,000 employees, with the bank now ramping up. The other locations include Russia, US and Romania. It is in these centres where the majority of the hiring is happening to build engineering capabilities.

While India is an integral part of the digital transformation strategy, Khandelwal said that it would be difficult to share how much of the tech budget will come to India.

The last few years have seen large multinationals set up technology captives in India and, over time expanding their presence. Analysts Moneycontrol spoke to said that global banks such as JP Morgan, Citi, HSBC, and RBS, which have had captive presence in India for many years, are scaling these to hire tens of thousands of employees.

The pace is likely to increase in the coming months. Lalit Ahuja, founder and CEO, ANSR Consulting told Moneycontrol, the next three years will see 150-200 captives set up centres resulting in the hiring of over 3 lakh people in new and the existing centres.

While the captive boom is good news for techies in terms of jobs and salaries, it poses a risk for IT services companies such as TCS, Infosys, HCL Tech and Wipro, as more clients now look to insource rather than outsource.

"It is true that large enterprises are aggressively growing their in-house capabilities and this is taking some work away from the third-party service providers. However, the huge demand for digital and other IT talent is overwhelming this trend and creating a strong growth market for the service providers," Peter-Bendor Samuel, CEO, Everest Group said.

So while companies may have a long-term preference to in-source, the current demand for IT projects means that they cannot get internal talent fast enough, particularly in the hard-to-find digital talent area.