Jio Financial Services Limited (JFSL) and Bank of America have entered into an agreement for joint venture in Jio Credit Limited. Under this, Bank of America can take up to 49.9 percent stake in Jio Credit. When the equity shares and warrants are fully subscribed, the total investment of the bank will be up to ₹18,268 crore. The deal is subject to regulatory and statutory approvals.
In the first phase, Bank of America will get 26.5 percent equity stake in Jio Credit. After exercise of warrants, it can increase to 49.9 percent. Following the transaction, JFSL and Bank of America will have equal representation on the board of Jio Credit, while the company's existing management team will continue to manage the business and strategy.
Jio Credit is among the fastest growing NBFC companies in the country. In just two years of operation, its Assets Under Management (AUM) has reached ₹30,667 crore by June 30, 2026. The company operates across various loan products including retail, commercial and supply chain finance.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “India's journey to a developed India requires a financial ecosystem that is based on scale, trust and inclusion. The partnership between Jio Financial Services and Bank of America is an important step towards making credit more easy, transparent and accessible for Indians through technology and global expertise.”
Brian Moynihan, Chairman and CEO of Bank of America, said, “India is one of the world's most important growth markets and this investment reflects our confidence in its future. Jio Financial has achieved significant expansion in a short period of time. The combined strengths of the two companies will help expand access to financial services and support India's economic growth.”