'Stereotyping' is just a way to extrapolate past experiences, of yourself or of others, into future situations to make reasonable assumptions about those situations. If it's customary for Indians to be late, it's perfectly reasonable for me to assume you'll be late on an appointment if I don't know anything about you. Once I get to know you, and notice that you're always on time, I will adjust my expectations of appointments with you, and maybe slightly adjust my perception of punctuality amongst Indians in general. Nothing racist or anything about that.
(for the record, my personal perception of Indians is that they are quite punctual, because the Indians I've worked with were, and I didn't really have an opinion about it one way or another before that. Latin Americans on the other hand, let's just say that my experiences only reinforced the preexisting notions...)