JPMorgan gets RBI nod to open 3 more branches 

The Dollar Business Bureau

International lender JPMorgan Chase & Co said on Friday that it has got the Reserve Bank of India’s (RBI) nod to open three more branches in India. 

The RBI gave its approval to the biggest bank of the US to open additional outlets in the national capital and in smaller cities situated near Chennai and Bengaluru.

“The bank will open the additional branches at New Delhi, Devanahalli (near Bengaluru) and Paranur (near Chennai) in the next few months,” JP Morgan said in a statement. 

“We are witnessing a rising level of cross-border and cross-location activity among our customers as they grab business opportunities led by India’s economic growth. These new branches will further boost our capacity to better serve our customers in the country as well as overseas,” said Madhav Kalyan, MD and CEO, JPMorgan Chase Bank India.

The foreign lender will offer all the existing products and services from these additional branches such as trade finance, cash management and foreign-currency payments. 

Kalpana Morparia, CEO, JPMorgan & Co South & South East Asia, said, “Our approach is to follow the priorities of our clients. The expansion shows our long-term commitment towards India, a major market for the bank, and for several of our clients.” 

Currently, the New York-based lender serves its customers from its only branch in Mumbai, which started in 1994. However, the presence of JPMorgan in the country dates back to 1922, when JP Morgan & Co and its London associate Morgan Grenfell acquired a stake in a merchant bank, Andrew Yule & Co, in Calcutta (now known as Kolkata).

Several international banks have been asking for more branches in India, but have been discouraged by RBI rules that restrict them to open their branches in bigger cities, where there is wealthier population and larger concentration of multinational firms.