Bank of America will invest up to ₹18,268 crore for a 49.9% stake in Jio Credit, Jio Financial Services' NBFC. The deal pairs Jio's digital reach with BofA's global banking infrastructure.
Bank of America will take a minority stake in Jio Credit, the non-banking finance company owned by Jio Financial Services, in a deal valued at up to ₹18,268 crore (about $1.9 billion). The US bank will acquire shares and warrants that give it an initial 26.5% equity stake, with the option to increase that to 49.9% after regulatory approvals, the companies said Wednesday.
Jio Credit has built ₹30,667 crore in assets under management within two years of starting operations, making it one of India's fastest-growing NBFCs. The partnership pairs that digital reach with Bank of America's global banking infrastructure, risk management, and technology platforms.
Mukesh Ambani, chairman of Reliance Industries, said the deal is about expanding credit access. “Our country’s progress toward becoming Viksit Bharat by 2047 demands a financial ecosystem built on scale, trust, and inclusivity,” Ambani said. “By combining our digital reach with Bank of America’s global pedigree, we will eliminate friction in credit delivery for all Indians.”
Brian Moynihan, Bank of America’s chief executive, called India “one of the world’s most important growth markets” and said the investment reflects the bank’s confidence in the country’s future. The two partners will have equal board representation at Jio Credit, while the existing management team stays in place.
The deal structure – a preferential allotment of equity shares and warrants – means BofA can scale its ownership over time without triggering a public offer or full consolidation. The warrants, if exercised, would push the stake near the 49.9% cap, a level that keeps Jio Credit under Indian NBFC rules without crossing into bank-ownership thresholds.
For Jio Financial Services, the infusion provides capital to expand Jio Credit’s lending book without diluting the parent’s control beyond the 50.1% it will retain. The NBFC sector in India has been tightening under Reserve Bank of India scrutiny, and a partner with BofA’s compliance infrastructure reduces regulatory risk.
Bank of America carries an AlphaScala Alpha Score of 69 out of 100, a Moderate rating. The BAC stock page includes the full profile.
The partnership is subject to standard statutory and regulatory approvals. A timeline for the warrant exercise was not disclosed.
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