JPMorgan is set to expand the capital base of its Indian operation by 50 per cent over the next two years as Wall Street banks continue to ramp up their presence in Asia’s second-fastest growing large economy.

Kalpana Morparia, the bank’s new India chief executive, said on Tuesday that JPMorgan planned to inject about $500m in additional capital on top of its existing base of $1bn to help sustain its rapid growth in the country.