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Royal Bank of Scotland has expanded its Indian equities team with eight new hires, the British bank said on Friday, as a part of its plan to boost growth in a highly competitive market for equities business.

RBS has hired five analysts for equities research, which include Harish Bihani from domestic brokerage Indiabulls Institutional Equities and Atul Rastogi who previous worked at Daiwa and UBS, it said.

The bank has also hired three more for equities sales to enhance its onshore equities platform, it said in a statement.

A host of global banks including Citigroup, Credit Suisse, JPMorgan and Standard Chartered compete with local firms in India in the equities business.

The sluggish market conditions have hit share sales and fierce competition has driven down fees.

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