Reliance JIO, Ltd Chairman Mukesh Ambani at the exhibition during the launch of 5G services at Pragati Maidan, New Delhi in 2022. (Express Archive photo by Praveen Khanna)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 partnershipThe 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.Story continues below this adReliance 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.George Mathew is an Associate Editor with The Indian Express, based in Mumbai. A veteran of financial journalism with nearly three decades of experience, he is one of the country’s most authoritative voices on banking, regulation, and the corporate sector. Expertise & Focus Areas Mathew’s reporting covers the nerve center of India’s economy. His specialized beats include: The Reserve Bank of India (RBI): He has tracked the central bank's policy evolution through the tenures of multiple Governors, offering deep insights into monetary policy, repo rates, and banking regulation. Banking & Insurance: Extensive coverage of public and private sector banks, non-performing assets (NPAs), and key legislative reforms like the Insurance Amendment Bills. Corporate Affairs: Mathew frequently breaks major stories related to India's largest conglomerates, with a specific focus on the Tata Group, documenting boardroom shifts and strategic decisions. Financial Markets: Reporting on the complexities of Foreign Portfolio Investors (FPIs), IPOs, and currency fluctuations. Authoritativeness & Insight With a career dating back to the late 1990s, Mathew possesses a rare institutional memory of India’s financial liberalization and market crises. His work is not limited to daily news; he frequently contributes to the "Explained" section, where he decodes complex financial legislations and market trends for a broader audience. His rigorous reporting has also been featured in scholarly platforms like the Economic and Political Weekly (EPW). Find all stories by George Mathew here ... Read More