Mumbai: The Reserve Bank of India (RBI) has approved the appointment of Pranav Chawda as the chief executive officer of JPMorgan Chase Co.s local banking unit for a three-year term, Bloomberg reported, citing a statement from the US lender on Wednesday.
Chawda, who currently leads commercial banking, will expand his responsibilities to oversee the corporate banking entity.
This position became available following the early departure of former CEO Prabdev Singh.
Kaustubh Kulkarni, JPMorgans senior country officer for India and vice chairman for Asia Pacific, said that Chawdas expertise would be instrumental in advancing the corporate banking business, particularly as the firm seeks to capitalize on Indias growth opportunities.
A chartered accountant, Chawda began his career in 1995 as an assistant manager at Deloitte.
He joined JPMorgan in 2019 as head of client banking and specialized industries, focusing on mid-sized, India-headquartered companies.
Prior to that, he served as managing director for institutional banking at DBS Bank in India.
JPMorgans physical presence in India dates back to 1945, when its predecessor Chase National Bank opened a representative office in Mumbai.
The firm now operates offices in Mumbai, Bengaluru, and Hyderabad.
