China and some other Latin American countries were considered along with India for the project. The chairman said that the regulator now has a much better grasp of the Indian banking system, with all its strengths and weaknesses. There is growing transparency in the Indian market and the quality of regulation is much better no. Speaking to the The Financial Express Mr Eldon said that lapses take place even in the best regulated markets of the world. Such lapses cannot be avoided and one should learn from what has happened. He gave the example of the credit market where crashes happen very often, but that does not deter lending.

HSBC also looks at India as a source for its talent pool since number of Indian executives in HSBC's worldwide operations are increasing. This Mr Eldon explained shows how important India is in HSBC's scheme of things. Mr Cama said that HSBC India's balance sheet is double today as compared to what it was three years back and that consumer banking had not gained at the cost of corporate banking, but that the entire balance sheet had seen a large increase.