JPMorgan Chase India unit has received RBI permission for a new bank CEO

The Wall Street firm, which has been in India since 1922, began commercial banking activities there around 15 years ago.

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JPMorgan Chase & Co. has got clearance from India’s central bank to appoint Prabdev Singh as the lender’s CEO in the nation.

The Reserve Bank of India authorised Singh’s three-year term last week, according to a JPMorgan spokesperson in an emailed response to Bloomberg on Tuesday. An email sent to the RBI was not returned.

Singh has been the temporary CEO of JPMorgan’s local banking unit since November, succeeding Madhav Kalyan, who was named Asia Pacific head of payments in October. According to Bloomberg News, Kaustubh Kulkarni was designated senior country officer for India at JPMorgan at the time and will continue in his job as vice chair of Asia Pacific.

The Wall Street business, which has been in India since 1922, began commercial banking activities there around 15 years ago. According to statistics on its website, JPMorgan operates four commercial bank branches in the nation.

According to his Linkedin page, Singh, a professional engineer, spent a decade with HSBC Holdings Plc before joining JPMorgan in 2010.