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Highlights
- The investment is valued at Rs 18,268 crore, or approximately USD 1.9 billion.
- Jio Credit will receive additional capital to support its growth and lending business in India.
- The deal will make BofA a joint venture partner in Jio Credit.
Andrew Bonwick
Vice President of Product Development at Relm Insurance
Madhav Sheth
CEO of Ai+ Smartphone
Stephen Rose
CEO Render Networks
Jio Financial Services Limited (JFSL) and Bank of America Corporation (BofA) have signed a definitive agreement under which BofA will acquire up to a 49.9 percent interest in JFSL’s wholly owned non-banking financial company (NBFC) lending subsidiary, Jio Credit Limited (JCL). The investment, including equity shares and warrants, will amount to Rs 18,268 crore (approximately USD 1.9 billion). The investment will be made through a preferential allotment of equity shares and warrants, making BofA a joint venture partner in JCL.
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“The venture will combine JFSL’s digital reach and knowledge of the Indian market with BofA’s global financial services expertise. Both companies share the common vision of improving clients’ financial lives through state-of-the-art digital access, innovation, access to credit and strong risk management,” the companies said in a statement on August 12, 2026.
Jio Credit AUM Crosses Rs 30,000 Crore
JCL, which began operations two years ago, has emerged as one of India’s fastest-growing NBFCs. Its assets under management (AUM) stood at Rs 30,667 crore (around USD 3.2 billion) as of June 30, 2026.
“The digital-first lender is focused on bridging the gap between traditional finance and modern accessibility through its diverse suite of lending products, with ambitions to responsibly continue its growth trajectory by providing borrowing opportunities across existing and new products within India,” the official release said.
The companies said the investment will allow BofA to expand its participation in the rapidly growing Indian market, the world’s fastest growing major economy at double the global growth rate, while doing so with a partner that has local expertise and differentiated capabilities.
