CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Pranav Chawda has been selected as the next CEO of JP Morgan Chase India for a three-year term. Chawda, who previously led JP Morgan's commercial banking unit, was appointed following permission from the Reserve Bank of India (RBI). His leadership is expected to propel the bank's expansion and strategic objectives in the Indian marketplace.
New Appointment
Pranav Chawda has been nominated CEO of JP Morgan Chase India for a three-year term, pending RBI approval.
Background
Chawda previously led JP Morgan's commercial banking unit and has more than 20 years of banking expertise, including roles in credit, product, business development, and sales.
Previous CEO
He succeeds Prabhdev Singh, who resigned in June before finishing his tenure.
Leadership Expectations
Kaustubh Kulkarni, JP Morgan's senior country officer for India, stated that Chawda's experience will be critical in expanding the corporate banking business and capitalizing on prospects in the Indian market.
Professional Credentials
Chawda is a professional accountant who joined Citigroup in 2000. He had worked for corporate banks, financial institutions, and commercial banks before joining JP Morgan in 2019.
JPMorgan Chase In India
History
JP Morgan Chase first established a presence in India in 1945, when Chase National Bank opened a representative office in Mumbai.
Current Operations
The bank has offices in Mumbai, Bengaluru, and Hyderabad, and it established a commercial bank in India in 2007.
Joint Ventures
In 1996, JP Morgan formed a joint venture with ICICI to raise funds in the domestic market, followed by another joint venture for investment management services in 1997.
Recent developments
In 2019, commercial banking services were expanded to include local midcap enterprises.
In 2021, it opened its largest campus in Asia Pacific, located in Hyderabad.
In 2022, an international banking unit will be launched at GIFT IFSC in Gandhinagar.
Investment offerings
- JP Morgan created its first mutual fund, the J.P. Morgan India Equity Fund, in 2007.
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