Rahul Saraf, Citibank's director and CEO of investment banking in India, plans to increase the number of employees in Citibank India due to the expected surge in the local equity and M&A markets.

Saraf said that the number of new hires has not yet been determined, but there will be a significant increase in the number of employees from this year to next year. It is expected that there will be more M&A and equity market transactions in the remaining time of this year, potentially up to $20 billion in scale. This will help Citibank achieve historic highs in transaction volume and market share as an advisor in the local market.