J.P. Morgan has received in-principle approval from the Reserve Bank of India (RBI) to establish a new branch in Pune, strengthening its on-ground presence in one of India’s fastest-growing business hubs.
The bank already operates branches in Mumbai, New Delhi and Bengaluru’s Devanahalli. In a statement, the bank said the approval will enable it to expand its suite of services for domestic and multinational clients operating across the country.
Sjoerd Leenart, CEO for Asia Pacific, J.P. Morgan, described the approval as a significant milestone in deepening the firm’s India franchise, noting that India’s economic growth and integration with global markets are creating “multi-decade opportunities” for clients.
With rising demand for cross-border and cross-location solutions, Pune has emerged as a major centre for investment across industries.
Pranav Chawda, CEO, JPMorgan Chase Bank India and Head of India Corporate Banking, said the Pune branch will strengthen the bank’s ability to support clients both in India and internationally as they expand their businesses.
The new branch will offer a range of wholesale banking services, including INR and foreign currency cash management, trade finance, liquidity management, foreign currency payments and investment banking support. The bank will identify the branch location and complete operational requirements in the coming months.
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