Good news for the people of Mumbai. You just can't hold India back at the moment - pretty much surging forward as a major global economy.
I'm not sure whether setting up a development center in India will speed up paypal checks. All paypal has to do is to tie up with banks like citibank india or icici bank to make arrangements for direct wire transfer into the beneficiary's account. and this can be done by staying in the USA itself
And I guess there could be a bank option for indians like US checking account. This really is a good news for Indians.