The investment, including equity shares and warrants if fully subscribed, will amount to up to Rs 18,268 crore, or about $1.9 billion.
Under the transaction, Bank of America will initially acquire a 26.5% equity interest in Jio Credit through a preferential allotment of equity shares. Its stake could subsequently rise to 49.9% through the exercise of warrants.
However, Jio Financial Services Ltd clarified that the transaction is subject to regulatory and statutory approvals.
Jio Credit, which began operations two years ago, had assets under management (AUM) of Rs 30,667 crore as of June 30, 2026, according to the companies. The digital-first lender offers a range of lending products and is looking to expand its presence across India’s credit market.
Jio-BofA joint venture agreement
The proposed joint venture is set to combine Jio Financial Services’ digital reach and understanding of the Indian market with Bank of America’s global financial services expertise, technology capabilities and experience in risk management and governance.
The partnership is expected to provide Jio Credit with additional capital to support loan growth while giving it access to Bank of America’s expertise in financial services, technology and risk management.
For Bank of America, the investment strengthens its presence in India, one of the world’s fastest-growing major economies, while giving it a local partner with an established digital platform and customer base.
Also read: Reliance 3.0: Mukesh Ambani is preparing for a brave post-Jio world
Under the joint venture agreement, the boards of Jio Credit will have equal representation from Jio Financial Services and Bank of America. Jio Credit’s existing management team will continue to oversee its strategy and operations. Jio Credit will also remain a subsidiary of Jio Financial Services and continue to be consolidated in its financial reporting.
Commenting on the partnership, Mukesh Ambani said the tie-up would help advance Jio Financial Services’ objective of making credit more accessible, transparent and affordable for Indians.
“By combining our digital reach with Bank of America’s global pedigree, we will eliminate friction in credit delivery for all Indians,” he added.
Bank of America chairman and chief executive Brian Moynihan said the investment reflected the bank’s confidence in India’s growth prospects. “India is one of the world’s most important growth markets,” he said, adding that the partnership would combine Jio Financial Services’ scale and local expertise with Bank of America’s global reach and digital experience.
The deal comes as Jio Financial Services continues to expand its presence across India’s financial services sector, leveraging Reliance Industries‘ digital ecosystem and customer reach.