Bank of America has entered into a definitive joint venture agreement with Jio Financial Services Limited to acquire up to a 49.9% interest in Jio Credit Limited, significantly expanding the U.S. banking giant’s exposure to India’s rapidly growing financial services market.
Bank of America’s investment, including equity shares and warrants, will total ₹18,268 crore, or approximately $1.9 billion. Jio Credit is currently a wholly owned non-bank financial company subsidiary of Jio Financial Services.
The transaction will combine Jio Financial Services’ digital distribution capabilities and knowledge of the Indian market with Bank of America’s global experience across banking, technology, governance, risk management, and financial services.
Jio Credit has grown rapidly since beginning operations approximately two years ago. The digital-first lender had assets under management of ₹30,667 crore, or approximately $3.2 billion, as of June 30, 2026.
The company offers secured lending products spanning retail and commercial customers. Its portfolio includes mortgages, loans against securities, commercial lending, and supply-chain finance.
The additional capital from Bank of America is expected to support continued loan growth while giving Jio Credit access to expertise from one of the world’s largest financial institutions.
For Bank of America, the transaction provides a larger foothold in India while allowing the company to partner with an established local financial services organization with significant digital reach.
The companies see India’s expanding economy and financial system as creating opportunities to increase access to credit while using digital technology to lower friction for borrowers.
Following the transaction, Jio Credit’s board will have equal representation from Jio Financial Services and Bank of America.
Jio Credit’s existing management team will remain responsible for strategy and operations. The company will also continue to be consolidated as a subsidiary in Jio Financial Services’ financial reporting despite Bank of America’s ownership interest.
The deal represents another major financial services partnership for Jio Financial Services.
The company already operates a 50:50 joint venture with BlackRock that provides mutual funds and specialized investment funds in India through Jio BlackRock Asset Management and wealth management through Jio BlackRock Investment Advisers. The partnership also plans to offer brokerage services.
Jio Financial Services has also established 50:50 joint ventures with Allianz Group covering reinsurance and general and health insurance and has entered into a non-binding agreement to explore opportunities in life insurance.
Jio Financial Services operates a broader digital financial ecosystem spanning lending, insurance broking, payments, leasing, financial technology, and banking.
Its JioFinance platform gives consumers access to services including loans, savings accounts, investment products, UPI payments, bill payments, insurance, and personal financial management tools.
The Bank of America transaction is intended to further strengthen the lending component of that ecosystem as Jio Financial Services seeks to broaden access to financial products across India.
Bank of America, meanwhile, serves more than 69 million U.S. clients and approximately 4 million small business households while maintaining operations across more than 35 countries and jurisdictions.
The partnership gives Bank of America a substantial equity position in one of India’s fastest-growing digital lenders while allowing Jio Credit to combine additional long-term capital with the bank’s global financial services capabilities.
KEY QUOTES:
“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.”
Mukesh D. Ambani
“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.”
“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.”
Brian Moynihan, Chair and CEO of Bank of America
