HSBC awaits RBI nod to float NBFC

After investing $150 million this year, HSBC is willing to step up
investments in India as it expects the economy to sustain over
7% growth in the coming years.

HSBC is also awaiting nod from the Reserve Bank of India (RBI) for
starting a non-banking finance company (NBFC), and plans pension foray after the government puts in place the requisite legislations.

Sir John Band, group chairman of HSBC Holdings Plc, said: "The Indian economy is growing by 7%. Our judgement is that any change in growth will be on the upside."

"Our revenues are likely to grow with faster economic growth, and we are willing to invest more in India," he added.