JPMorgan Chase (JPM) is preparing to open a new branch in India for the first time in nearly a decade, Bloomberg reported, citing people familiar with the matter.
The bank has received in-principle approval from the Reserve Bank of India to establish its fourth branch, located in Pune near Mumbai, where it will serve corporate clients with offerings ranging from transaction banking to term lending.
JPMorgan last received approval to open branches in India in 2016, and has since expanded its commercial banking operations in the country and added a new campus, according to its website.
Foreign banks continue to increase their presence in the country, attracted by India’s fast-growing economy, strong credit demand, and a stable macro environment that supports deeper corporate activity.