JPMorgan gets RBI nod to open three new branches in India
01 July 2016
US banking major JP Morgan Chase & Co has received Reserve Bank of India approval to open three more branches in the country as the lender seeks to scale up operations in the country.
JPMorgan will open branches in New Delhi, Bengaluru and Chennai, it said in a release, adding that the branches are expected to be operational in the next few months.
"This is another significant milestone for growing our Indian franchise and deepening our banking footprint," Kalpana Morparia, CEO, South & South East Asia, JPMorgan, stated in a release.
"The expansion endorses our long-term commitment to India, a key market for J.P. Morgan, as well as for many of our clients," she said.
The new branches will also provide the complete range of existing products and services, including cash management, trade finance and foreign-currency payments, JP Morgan said.
JP Morgan's decision to expand India operations comes at a time when most foreign banks are scaling back their operations in India. The country has been witnessing an exodus of foreign banks and scaling down of operations as business turn unprofitable in the country.
In January, British bank Barclays Plc said it would shut its India equities business to cut costs and boost profits, while HSBC Holdings Plc in May said it planned to close 24 branches in India as part of its strategic review of its retail banking and wealth management business.