Bank of America Snaps Up 49.9% Stake in Jio Credit for ₹18,268 Crore

Jio Financial Services has signed a definitive deal with Bank of America, selling up to 49.9% in Jio Credit for ₹18,268 crore ($1.9 billion).

The transaction positions the American banking titan to back the digital lender's aggressive expansion across India’s retail and commercial credit market. Under the agreed terms, Bank of America will acquire an initial 26.5% equity interest via a preferential share allotment. The holding can subsequently rise to 49.9% as warrants are exercised over time.

Capital Infusion and Stake Breakdown

The total cash commitment, covering both equity shares and warrants, brings fresh capital to Jio Credit as competition intensifies among non-banking financial companies (NBFCs) nationwide.

Having kicked off operations just two years ago, Jio Credit reported assets under management (AUM) of ₹30,667 crore as of June 30, 2026.

Despite the substantial equity purchase, Jio Credit will remain a subsidiary of Jio Financial Services and continue to be consolidated in its financial reporting. Board representation will be split equally between both entities, whilst the current executive team retains operational and strategic control.

Digital Scale Meets Wall Street Pedigree

Mukesh Ambani reportedly said that by combining their digital reach with Bank of America's global pedigree, they would eliminate friction in credit delivery for all Indians, detailing the rationale behind the partnership.

The joint venture seeks to marry Reliance's vast digital footprint with the Charlotte-based lender’s expertise in risk management, corporate governance, and complex financial structuring.

Bank of America chairman and chief executive Brian Moynihan described India as one of the world's most important growth markets, noting that the investment underscores deep long-term confidence in the domestic macroeconomic landscape.

Market Positioning and Regulatory Path

The tie-up gives Bank of America direct access to millions of under-banked consumers and small enterprises already plugged into the Jio ecosystem. Conversely, Jio Credit gains balance-sheet strength and international underwriting standards without sacrificing its local agility.

The deal remains subject to approval from statutory authority bodies, including the Reserve Bank of India and the Competition Commission of India.