In the quiet but consequential world of diaspora finance, HSBC has captured $5.5 billion from non-resident Indians by offering leverage ratios that transform modest deposits into substantial income streams — a strategy that reveals how global banks are increasingly willing to push structural boundaries to win the loyalty of mobile capital. Operating across GIFT City, Singapore, Hong Kong, and Dubai, the London-based bank has turned a Reserve Bank of India foreign currency window into a competitive weapon, leaving rivals like Standard Chartered — who chose restraint — holding a fraction of the