• JPMorgan receives RBI’s in-principle approval to open a new branch in Pune.
• This will be the bank’s first new India branch in nearly 10 years.
• Move reflects rising foreign bank interest driven by India’s strong economic growth.

JPMorgan Chase & Co. is preparing to open its first new branch in India in almost a decade, signaling the global bank’s expanding interest in one of the world’s fastest-growing major economies. The move comes after the Reserve Bank of India granted an in-principle approval, according to people familiar with the development.

The new branch will be located in Pune, near Mumbai, and will serve corporate clients. It will offer a full suite of services, including transaction banking and term lending. A JPMorgan spokesperson confirmed the regulatory approval, while the RBI has yet to comment.

Foreign banks have been increasingly drawn to India, encouraged by its rapid economic growth, strong credit appetite, and expanding corporate activity. A stable macroeconomic environment has further strengthened India’s appeal as a key destination for global financial institutions.

JPMorgan last received approval to open branches in India in 2016, when the regulator cleared three new locations. Since then, the New York-based bank has broadened its commercial banking operations to support domestic mid-sized companies. It has also opened a new campus in the country and continues to operate across multiple verticals, including asset management and investment banking.

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The latest expansion signals JPMorgan’s commitment to deepening its India presence as global banks look for growth markets and new corporate opportunities. The Pune branch is expected to enhance the bank’s ability to meet rising demand from Indian businesses and further integrate into the country’s evolving financial landscape.