Jio Financial Services Limited and Bank of America have signed a definitive agreement for BofA to acquire up to 49.9% in Jio Credit Limited, JFSL’s wholly owned NBFC lending subsidiary.
The investment, including equity shares and warrants if fully subscribed, will total up to ₹18,268 crore, or approximately $1.9 billion. The transaction initially gives Bank of America a 26.5% equity interest, which can rise to 49.9% upon exercise of the warrants. The deal remains subject to regulatory and statutory approvals.
Jio Credit, which has operated for just two years, reported assets under management of ₹30,667 crore as of June 30, 2026. The digital-first NBFC offers lending products spanning retail, commercial and supply-chain finance.
The partnership will combine Jio Financial Services’ digital reach and knowledge of the Indian market with Bank of America’s global financial-services expertise, including capabilities in governance, risk management and technology.
Following the transaction, Jio Credit’s board will have equal representation from JFSL and BofA, while the existing management team will continue to oversee strategy and operations. Jio Credit will also remain consolidated as a subsidiary in JFSL’s financial reporting.
