JPMorgan Targets Wholesale Banking Growth in India

Rahul Badhwar, who became JPMorgan’s Senior Country Officer for India in July 2026, is looking to expand the bank’s wholesale banking franchise by increasing its focus on dealmaking and corporate lending. Badhwar said the objective is to strengthen JPMorgan’s position in India’s wholesale banking market, which covers investment banking and corporate banking.

Badhwar joined JPMorgan after spending around three decades at HSBC. His immediate priorities include executing the bank’s India strategy, meeting clients to understand their requirements and working with the local team to identify opportunities for further growth.

JPMorgan’s Indian wholesale banking operations include mergers and acquisitions advisory, equity capital markets, debt capital markets and corporate banking serving large companies, mid-sized businesses and startups.

According to regulatory disclosures cited by Mint, JPMorgan’s total credit exposure in India stood at approximately ₹2.3 trillion as of March 31, compared with ₹3.1 trillion for Citi India. In investment banking revenue, JPMorgan ranked second to Citibank, according to Dealogic data cited in the report.

The bank earned approximately $46 million in investment-banking fees in the period from January 1 to the date of the report. In calendar year 2025, it topped the investment-banking league tables in India with approximately $116 million in fees.

JPMorgan has also advised on major transactions in India this year, including Sun Pharma’s $13 billion acquisition of Organon and the NSE’s large initial public offering.

Foreign Capital Outflows Remain a Challenge

Badhwar also discussed the recent withdrawal of foreign capital from Indian markets. According to NSDL data cited by Mint, overseas investors had been net sellers of $26.3 billion in Indian equities during 2026, while making $7.2 billion of net purchases in debt. In 2025, foreign investors had net sold $18.9 billion in equities and purchased $6.6 billion in debt.

He identified India’s relatively high equity-market valuations and rising US Treasury yields as factors influencing global capital allocation. The 10-year US Treasury yield had crossed 5%, increasing the return threshold investors may demand from emerging markets, according to the report.

Badhwar said JPMorgan intends to continue investing in India and use its local presence to understand opportunities more closely. He also emphasised that the bank’s objectives extend beyond revenue, including client relationships, share of wallet, employee development, talent retention and relationships with regulators.

The development comes as global banks continue to compete for India’s corporate and institutional banking business. JPMorgan’s strategy under its new India leadership places greater emphasis on combining corporate lending, capital markets and investment banking to deepen relationships with Indian businesses.