The chief executive and head of the Indian operations of Morgan Stanley, will quit from his post by the coming month, the firm has announced.

However, Narayan Ramachandran will continue as a senior adviser to assist the bank's growth in the country, particularly its rising wealth management business.

In a report, the US investment bank said that Ramachandran is stepping back from a full-time position as he plans to concentrate on aiding the nation's poor.

On this, Mr. Ramachandran said, "I plan to focus my time on bringing market solutions to serve the underserved in India," Ramachandran said in a phone interview today. "To that end, I have already begun engaging with some institutions in micro-credit, affordable housing and micro-insurance."

The bank's chief operating officer for Asia, Scott Gaynor, will become acting country head for India and the appointment of a full-time India chief executive will be announced in the future, Morgan Stanley said.

For the time being until a permanent replacement was found, Mr. Scott Gaynor, chief operating officer for Asia, will look after country's operations.

Ramachandran joined Morgan Stanley in the year 1996, and led Morgan Stanley Investment Management's worldwide rising markets and asset allocation businesses during his tenure there.

He took over leadership at the Indian division in October 2007. The company commenced a private equity entity in India in April 2008, and established Morgan Stanley Infrastructure in August '08. A month later, it began private wealth management operations in the country.