So when there are specific jobs that have scarcity and salaries are raised, many managers literally have no experience with that and don't know how to hire in a competitive market.
The average quality of the Indian engineers (in banking), is unfortunately pretty abysmal.
The problem, I think, is their bias towards to hiring their own. Banking IT can become absolutely dominated by Indians, to the point where Indians can staff > 90% of IT positions in countries where they are a minority. The average quality of the Indians in there are pretty bad.
The difference can be seen clearly in companies that enforce some kind of diversity quota. The average quality of the Indians in there is noticeably higher by a wide margin. These companies are unfortunately a minority.
When I was consulting I spent half my being a product development/manager person because I needed to be.