India’s fast growing economy continues to attract global financial institutions, and JPMorgan Chase and Co is now preparing to open a new branch in the country after almost a decade. According to people familiar with the matter, the Wall Street bank has received in principle approval from the Reserve Bank of India to set up its fourth branch in Pune, a major business hub near Mumbai.
The upcoming Pune branch will focus on serving corporate clients and will offer a complete range of services including transaction banking and term lending. People aware of the development said the decision reflects JPMorgan’s efforts to strengthen its presence in one of the world’s most dynamic markets.
A spokesperson for JPMorgan confirmed that the company has received the regulator’s in principle approval. The Reserve Bank of India has not yet responded to an email seeking comment.
Foreign banks continue to show strong interest in India as they are drawn by the country’s rapid economic growth, rising credit demand, and expanding corporate activity. India’s stable macro environment has made it an increasingly attractive destination for global lenders looking to grow their operations.
JPMorgan last secured approval to open branches in India in 2016, when it was permitted to expand in three locations. Since then, the bank has strengthened its commercial banking footprint to serve domestic mid cap companies and has also opened a new campus, according to information available on its website. The New York based firm operates in India across several businesses, from asset management to investment banking.
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