JPMorgan Chase & Co. is expanding its corporate banking presence in India, with a strong focus on electric vehicles (EVs), data centres, solar energy, and infrastructure.
The bank aims to capture opportunities as Indian firms step up capital spending in the world’s fastest-growing major economy.
“As demand certainty improves, capex investments will begin,” said Oliver Brinkmann, Co-Head of Global Corporate Banking, Asia Pacific, in a recent interview in Mumbai.
Despite Washington doubling tariffs on many Indian imports to 50%, JPMorgan expects its India growth to remain strong. Brinkmann said the bank views India through a long-term strategic lens.
JPMorgan’s local corporate banking business has grown its revenue by about 30% annually for the past two to three years, and Brinkmann expects similar growth in the coming years.
India Among JPMorgan’s Fastest-Growing Markets
JPMorgan counts India and Japan as its two fastest-growing Asian markets for corporate banking revenue. The US bank plans to strengthen its focus on sustainable energy, technology, diversified industries, and infrastructure.
The bank is also expanding its domestic headcount to support these segments. It currently serves about 1,900 clients in India, including mid-cap firms with revenue between $300 million and $2 billion, large-cap companies, startups, and unicorns.
S&P Global Ratings estimated in June that Indian companies will double capital expenditure to $800–850 billion over the next five years, compared to the previous period. JPMorgan aims to position itself as a key partner in this wave of investment.
JPMorgan’s operations in India span commercial and investment banking, payments, and securities services. Its corporate centres in Mumbai, Bengaluru, and Hyderabad employ more than 55,000 people, supporting the bank’s global technology and business functions.
While JPMorgan sees significant opportunities, competition in India’s corporate banking market is heating up.
Rivals such as Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group have taken the lead in arranging foreign currency loans for Indian borrowers between 2020 and 2024, according to Bloomberg data.
So far in 2025, JPMorgan ranks 18th in loan league tables. Meanwhile, Bank of America executives have expressed caution, noting that some Indian firms are holding back on big investments due to uncertainty around domestic demand and global trade outlook.
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