Banerjee, who is succeeding Ramesh Rajan, was appointed on Monday, Dec 7. Mr Rajan stepped down as the Chairman last week.
Banerjee has been a partner with PwC Singapore for the 20 years and the Executive Chairman for the last six years.
The company has informed that Banerjee has resigned from his post on the PwC India Advisory Board but would continue his role at PwC Singapore.
"It is envisaged he will spend the majority of his time in India for the foreseeable future," the firm said in a statement.
The image of the Financial consultancy firm took a beating when its name came up in the Satyam scam.
Speaking on this, the firm added, "Since the Satyam situation came to light, Price Waterhouse India audit firms have taken significant steps to restore confidence in their work including the appointment of a new assurance leader.
The appointment of a new risk and quality leader, the appointment of new management at its Hyderabad office and are making a significant investment in training and taking other steps to further enhance audit quality."