JP Morgan gets RBI approval to open three branches

Foreign lender JP Morgan Chase has got the approval from Reserve Bank of India to open three additional branches in the country. These new branches will be located at - New Delhi, Bangalore and Chennai.

"Our strategy is to follow our clients' priorities. The expansion endorses our long-term commitment to India, a key market for JP Morgan, as well as for many of our clients," said Kalpana Morparia, CEO, South & South East Asia, JP Morgan.

The lender expects the branches to be operational in the next few months. These branches will provide business banking, cash management, trade finance and foreign-currency payments.

"We are seeing an increasing level of cross-location and cross-border activity among our clients as they capture business opportunities driven by the country's economic growth. These branches will further enhance our capability to better serve our clients in India and overseas as they accelerate their businesses," said Madhav Kalyan, MD & CEO, JPMorgan Chase Bank N.A, India.

This comes at a time when several foreign banks have either exited India or are looking at consolidating their position in the country. In the last one year, HSBC has decided to shut down its private banking business and RBS has sold its private banking business. Citibank has decided to shut its retail broking business. Swiss bank UBS has approached RBI with a proposal to downgrade its branch to a representative office in Mumbai.