Jio Financial Services Limited (J F S LJFSL) and Bank of America Corporation (B of ABofA) today announced that they have signed a definitive agreement whereby B of ABofA will acquire up to a total of forty nine point nine percent49.9% interest as a joint venture partner in J F S LsJFSL’s wholly-owned N B F CNBFC (non-bank financial company) lending subsidiary, Jio Credit Limited (J C LJCL) through a preferential allotment of equity shares and warrants.The venture will combine J F S LJFSL’s digital reach and knowledge of the Indian market with B of ABofA’s global financial services expertise. Both companies share the common vision of improving clients’ financial lives through state-of-the-art digital access, innovation, access to credit and strong risk management.Jio Credit Limited (J C LJCL) is among India’s fastest growing N B F CsNBFCs, having built assets under management (A U MAUM) of thirty thousand six hundred sixty seven crore₹30,667 crore (~three point two billion U S Dollars$3.2 billion USD) as of June 30, 2026, within just 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.The investment will allow B of ABofA to expand its participation in the rapidly growing Indian market, the world’s fastest growing major economy at double the global growth rate, while doing so with a partner 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. Beyond securing long-term capital for sustainable loan growth, the collaboration provides the venture with access to B of ABofA’s expertise related to financial services, governance, risk management, and technology.Pursuant to the transaction, Jio Credit Limited’s (J C LJCL) Board of Directors will have equal representation from both J F S LJFSL and B of ABofA. The existing management team of J C LJCL will continue driving the strategy and operations at the N B F CNBFC and J C LJCL will continue to be consolidated as a subsidiary in J F S LsJFSL’s financial reporting.Commenting on the proposed partnership, Mukesh D. Ambani said: "Our country’s progress toward becoming Viksit Bharat by 2047 demands a financial ecosystem built on scale, trust, and inclusivity. Central to this journey is the democratization of responsible credit — characterised by lower costs for the customer, absolute transparency, and expanding access to capital as our economy grows.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.”Brian Moynihan, Chair and Chief Executive Officer, Bank of America 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 three billion dollars$3 billion in assets under management in just two years. By combining Jio Financial Services’ scale, local expertise and customer base with Bank of America’s global reach, digital experience and close to 250 years of leadership in banking, we can help expand access to financial services and support India’s continued economic growth.” NoYesLending14 Aug, 2026