Every year thousands of Indians move to the USA for greener pastures. Amongst the topmost of all the US immigrants from India are engineers and software developers from TCS and Infosys, two of the biggest IT services providers. The numbers are so huge, that almost 50-70% of the work permits by the US embassy are given out to Indians. However, in a major revision this year, the embassy has doubled the fees of the H1B (work permit) and L1 (resident) from $2000 to $4000. Infosys and TCS will hit feel the pinch.
Infosys CFO Rajiv Bansal stepped down today even as the company was announcing its quarterly results. He would be replaced by M.D. Ranganath.
Bansal joined Infosys as Manager, Finance in 1999 and became its CFO three years ago in October 2012. He is a chartered accountant and cost accountant by profession. He would resign from the company effective December 31, 2015 to provide a smooth transition.