Jio Financial, Bank of America Strike ₹18,268-Crore Deal: What It Means for Jio Credit

Jio Financial Services Ltd (JFSL) has agreed to sell up to a 49.9 per cent stake in its unit Jio Credit Ltd to Bank of America for as much as Rs 18,268 crore.

The transaction will be executed by issuing warrants and equity shares on a preferential basis, JFSL stated on August 12.

The US lender will initially acquire a 26.5 per cent equity stake, which can increase to 49.9 per cent upon the exercise of warrants. The agreement establishes the US bank as a joint venture partner.

Strategic Vision and Leadership

The joint venture will combine Jio's local digital reach with Bank of America's global financial services expertise to eliminate friction in credit delivery.

Reliance Industries Chairman Mukesh Ambani said, "Jio Financial Services is committed to making finance more seamless and simpler for Indians than ever before, leveraging new technology and anchored in the highest standards of governance. Our strategic partnership with Bank of America is a pivotal milestone in this mission. 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."

Bank of America Chair Brian Moynihan said, "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 $3bn in assets under management in just two years."

Expanding Global Partnerships

As of June 30, 2026, Jio Credit Ltd—recognized as one of India's fastest-growing NBFCs—reported assets under management totaling Rs 30,667 crore (over $3bn). The firm achieved this operational scale within merely two years of its launch.

The partnership with Bank of America marks the third global tie-up for JFSL, following its agreements with BlackRock for the mutual funds business and Allianz in the insurance sector.

The investment will allow Bank of America to expand its participation in India, the most rapidly expanding major economy globally, growing at double the global growth rate, alongside a partner that has local expertise and differentiated capabilities.