3 min readAug 13, 2026 02:55 PM IST
First published on: Aug 13, 2026 at 10:15 AM IST
Jio Financial Services Ltd (JFSL) of the Reliance Industries group and Bank of America Corporation (BofA) have signed a definitive agreement under which BofA will acquire up to a 49.9% stake as a joint venture partner in JFSL’s wholly-owned NBFC lending subsidiary, Jio Credit Limited (JCL), for Rs 18,268 crore.
The investment will be made through a preferential allotment of equity shares and warrants. The transaction will initially give Bank of America a 26.5% equity stake in JCL, which can increase to 49.9% upon the exercise of warrants.
JCL has built assets under management (AUM) of Rs 30,667 crore as of June 30, 2026, within two years of operations.
“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,” JFSL and BofA said in a joint statement.
Growth partnership
The investment will allow BofA to expand its presence in the rapidly growing Indian market, the world’s fastest growing major economy at double the global growth rate, while partnering with a company that has local expertise and differentiated capabilities.
As India’s financial sector expands alongside the nation’s robust economic growth, the partnership positions the venture to capitalize on emerging growth opportunities in the industry, the statement said. Beyond securing long-term capital for sustainable loan growth, the collaboration will provide access to BofA’s expertise in financial services, governance, risk management, and technology, it said.
After the transaction, JCL’s Board of Directors will have equal representation from JFSL and BofA. The existing management team of JCL will continue to drive strategy and operations at the NBFC, while JCL will remain a subsidiary of JFSL for financial reporting purposes.
Reliance Industries Chairman Mukesh D. Ambani said: “By combining our digital reach with Bank of America’s global pedigree, we will eliminate friction in credit delivery for all Indians, empowering them to chart a prosperous and inclusive path forward for the entire nation.”
“India is one of the world’s most important growth markets, and this investment reflects our confidence in its future, a market we know well and have supported for decades. We are excited to become a partner with Jio Financial Services, which has achieved remarkable scale in a short period of time, growing to more than $3 billion in assets under management in just two years,” Brian Moynihan, Chair and Chief Executive Officer, Bank of America, said.
The transaction will initially give Bank of America a 26.5% equity stake in JCL, which can increase to 49.9% upon the exercise of warrants. 
Share
