J. P. Morgan India raises its India Investment Banking top Kaustubh Kulkarni As head of India operations, replacing Madhav Kalyan Which is set to play a bigger role in the Asia Pacific region, the bank said in an internal note, a copy of which is with ET.

While Kalyan will lead US Bank’s payments business, Kulkarni will be India’s new senior country officer.

welfare will be successful Sridhar Kanthadai, who has been appointed co-head of Global Payment Rail, was announced last month. The incumbent India CEO has nearly three decades of experience in the banking and financial services sector. He joined the bank in 2009 as Head of Corporate Banking for India.

The global bank aims to achieve a higher footprint in local corporate lending and mergers and acquisitions as India becomes the fastest growing economy amid global gloom and doom.

Kulkarni has been working at Rain for 24 years, during which time he built a major leading investment banking business in India.

They are expected to exercise control over local governance and ensure engagement with stakeholders across the board. Under his leadership, JPM has participated in high value equity deals.

PD Singh, an ace banker, will become CEO at JPMorgan Chase Bank in India in addition to his current role as head of corporate banking. However, he will continue as the “Interim CEO” until the Reserve Bank of India approves his appointment.

Market sources said Singh, who joined JP Morgan in 2010, is known for his network among large corporate clients. Under his leadership, JP Morgan participated in some of the largest offshore debt and bond deals.

The bank appointed Naveen Wadhwani as the head of investment banking in India. Wadhwani comes with a rich experience in mergers and acquisitions. In his previous role, he led the mergers and acquisitions vertical for a decade Reliance Industries, one of the largest groups in India. Prior to this he was managing director at Rothschild India, a local branch of an international investment banking firm.

With Kulkarni in new role, Vineet Mishra will become the sole Head of Investment Banking for Southeast Asia

Mishra will report to the new Senior Country Officer for India. Mishra has over two decades of experience in investment banking.

All changes will be effective from November 1 this year.