Jio Financial Services Limited (JFSL) and Bank of America Corporation (BofA) have signed a definitive agreement under which BofA will acquire up to a 49.9% stake in JFSL’s wholly owned NBFC lending subsidiary, Jio Credit Limited (JCL). The investment, worth up to ₹18,268 crore, will be made through a preferential allotment of equity shares and warrants, according to a statement issued on Wednesday.
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 the warrants. The transaction remains subject to regulatory and statutory approvals, according to the regulatory filing.

For BofA, the investment will provide an opportunity to expand its participation in the rapidly growing Indian market while partnering with JFSL, which brings local market expertise and differentiated capabilities. NB Holdings, a subsidiary of BofA, will subscribe to 4.29 crore equity shares for cash through a preferential issue worth up to ₹6,613 crore, acquiring a 26.5% stake in JCL.
It will subsequently subscribe to 7.56 crore warrants for ₹11,655 crore. Each warrant will be convertible into one equity share within 18 months. Following 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 the strategy and operations of the NBFC, while JCL will continue to be consolidated as a subsidiary in JFSL’s financial reporting.

Mukesh D. Ambani, Chairman of Reliance Group, said, “Our country’s progress towards becoming Viksit Bharat by 2047 demands a financial ecosystem built on scale, trust, and inclusivity. Central to this journey is the democratisation of responsible credit — characterised by lower costs for the customer, absolute transparency, and expanding access to capital as our economy grows.”Brian Moynihan, chair and chief executive officer of Bank of America, said, “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.”Jio Credit's AUM crosses ₹30,000 crore within two yearsJio Credit Limited is an NBFC that had assets under management (AUM) of ₹30,667 crore as of June 30, 2026, within just two years of commencing operations, the filing showed.
The company is focused on bridging the gap between traditional finance and modern accessibility through a diverse suite of lending products, with ambitions to continue its growth trajectory responsibly by providing borrowing opportunities across existing and new products in India.

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