Bank of America to invest $1.9 billion in Jio Credit

Bank of America has entered into a definitive agreement to invest up to $1.9 billion in Jio Credit Limited, the non-banking financial subsidiary of Jio Financial Services. The deal, structured through a combination of preferential share allotments and warrants, will initially grant the U.S. banking giant a 26.5% equity interest, which could rise to 49.9% upon the exercise of warrants.

The joint venture aims to integrate Bank of America’s global financial expertise and risk management with Jio Financial Services’ extensive digital infrastructure and reach within the Indian market. While the investment provides significant capital to support Jio Credit’s growth, officials noted that the move is a strategic financial investment and not a direct entry by Bank of America into the retail lending business.

Jio Credit has seen rapid expansion, reporting assets under management of approximately ₹30,667 crore (around $3.2 billion) as of June 30, 2026. The company has primarily focused on small business owners and retail customers through products such as housing loans. The transaction remains subject to necessary regulatory and statutory approvals.

Separately, Jio Financial Services has also established a 50:50 joint venture with Allianz Group to provide general and health insurance in India, further expanding its presence across the financial services value chain.