HSBC has gathered about $5.5 billion in foreign-currency deposits in India by using aggressive leverage, according to the report. The approach has helped the bank move quickly in the contest for money from non-resident Indians, a market global lenders have been targeting for growth.
The report says HSBC has offered leverage of as much as 19 times deposits. That structure appears to have made its offering more attractive and allowed the bank to pull ahead of some international rivals in the push for diaspora wealth.
Among the banks being outpaced is Standard Chartered, highlighting how intense competition has become in India’s forex deposit market. For lenders, non-resident Indian deposits remain an important source of funds and a key area where pricing and product structure can shape market share.
HSBC’s gains underline how sharply banks are competing for overseas Indian money at a time when every advantage matters. By pairing foreign-currency deposits with higher leverage, the bank has strengthened its position in a closely watched segment of India’s banking market.
