JPMorgan set to open first new India branch in nearly a decade

Core Viewpoint - JPMorgan Chase & Co. is expanding its presence in India by opening a new branch in Pune, marking its first new branch in nearly a decade, reflecting the bank's commitment to tapping into India's rapidly growing economy [1][2]. Group 1: Branch Expansion - JPMorgan has received in-principle approval from the Reserve Bank of India to establish its fourth branch in Pune, which will focus on corporate clients and offer a comprehensive range of products including transaction banking and term lending [2][3]. - The last time JPMorgan received approval to open branches in India was in 2016, when it was allowed to set up in three locations [4]. Group 2: Market Dynamics - Foreign banks, including JPMorgan, are increasingly attracted to India due to its rapid economic growth, strong credit demand, and increasing corporate activity, alongside a stable macroeconomic environment that enhances its appeal [3]. - JPMorgan has been expanding its commercial banking services in India to cater to domestic mid-cap firms and has also established a new campus in the country [4].