One of India’s most influential bankers has cautioned against the “exuberance” fuelling overseas acquisitions by its companies, and has said that prosperity for the country’s financial sector lay in domestic opportunities.

Few senior figures in India have dared question the ambitions of the country’s multi-national corporations, whose thirst for global recognition was highlighted by Tata Steel’s £6.7bn ($13.3bn) takeover of Corus, the Anglo-Dutch steelmaker, last year.