JPMorgan Chase India unit gets RBI approval for new bank CEO

JPMorgan Chase & Co. has received approval from India’s central bank to name Prabdev Singh as the lender’s chief executive officer in the country.

The Reserve Bank of India last week approved a three-year term for Singh, a JPMorgan spokeswoman said in an emailed reply to Bloomberg Tuesday. An email to the RBI wasn’t answered.

Singh had been interim CEO of JPMorgan’s local banking unit since November, replacing Madhav Kalyan who — in October — was named head of payments for Asia Pacific. Kaustubh Kulkarni was named as senior country officer for India at JPMorgan then, and will continue in his role as vice chair of Asia Pacific, Bloomberg News reported last year.

The Wall Street firm, which traces its presence in India back to 1922, started commercial banking operations in the country about 15 years ago. JPMorgan has four commercial bank branches in the country, data on its website show.

Singh, a trained engineer, had worked for a decade at HSBC Holdings Plc before joining JPMorgan in 2010, according to his Linkedin profile.