New Delhi: JPMorgan Chase & Co. has received the nod from the Reserve Bank of India (RBI) to open a new branch in India after nearly a decade, Bloomberg reported.
The American multinational bank received the approval from the RBI to establish its fourth branch in Pune, Maharashtra, the report quoted people, who did not wish to be identified. JPMorgan’s new bank in the city will focus on offering its services to corporate clients, offering a full suite of products from transaction banking to term lending, the people were quoted as saying.
Bloomberg said a spokesperson of JPMorgan confirmed the firm received in-principle approval from the Reserve Bank. However, the central banking authority of India did not immediately reply to an email seeking comment from the media house.
India’s economic growth, strong credit demand and deepening corporate activity are attracting foreign banks to expand their businesses in India. The country’s stable macro environment has further enhanced its appeal for global lenders.
JPMorgan last received the nod from the RBI to open branches in India in 2016. At that point of time the American multinational banking institution was given the approval to set up in three locations.
In the last 9 years, JPMorgan has expanded its banking business in India to service domestic mid-cap firms and opened a new campus, its website mentioned. The New York-based firm’s activities in India span asset management to investment banking.