America’s top banks including Citigroup, JP Morgan and Bank of America are set to outsource IT and back office projects worth nearly $5 billion this year to India, as they seek to lower costs of complying with new regulations and integrate banking systems.

According to at least a dozen senior executives at Tata Consultancy Services , Infosys, Wipro , HCL and Cognizant, apart from outsourcing consultants advising these banks, new investments in compliance and regulatory norms, apart from ongoing integration with acquired assets are among top drivers for this spend.