JPMorgan Chase & Co. is preparing to open a new branch in India for the first time in nearly ten years, highlighting the bank’s growing focus on one of the world’s fastest-growing economies.
The bank has received in-principle approval from the Reserve Bank of India to establish its fourth branch in Pune, a city near Mumbai, according to sources familiar with the matter. The new branch will cater to corporate clients, providing a full range of services including transaction banking and term lending.
A JPMorgan spokesperson confirmed the in-principle approval, while the RBI did not immediately respond to requests for comment.
India’s rapid economic growth, rising credit demand, and expanding corporate sector are attracting foreign banks, and the country’s stable macroeconomic environment further boosts its appeal to global lenders.
JPMorgan last received approval to open branches in India in 2016, when it was authorized to establish three locations. Since then, it has expanded its commercial banking operations to serve domestic mid-sized firms and opened a new campus. The New York-based firm now operates in India across asset management, investment banking, and other financial services.
