Bank of America has agreed to invest approximately $1.9 billion in Jio Credit Ltd, marking a significant step in global banks seeking exposure to India’s burgeoning financial market through strategic partnerships and investments.
Jio Financial Services Ltd has agreed a strategic partnership with Bank of America that could see the US lender invest about $1.9 billion in Jio Credit Ltd, giving it a stake of up to 49.9% through a mix of preferential share allotment and warrants. The deal underscores how global banks are seeking exposure to India’s fast-growing financial sector without necessarily entering its retail lending market directly.
According to the companies, the tie-up is intended to combine Jio Financial’s digital reach and local market knowledge with Bank of America’s international financial expertise. Jio Credit, which began operations about two years ago, has expanded quickly and was managing assets of Rs 30,667 crore as of 30 June 2026. Its current business includes lending to small businesses and retail customers, including housing loans, though it has yet to move into unsecured personal loans or consumer finance.
The partnership fits a broader push by Jio Financial to build a full-service digital finance platform. Moneycontrol reported that Jio Financial and BlackRock had already launched a 50:50 asset-management venture, Jio BlackRock, with each partner planning an initial investment of $150 million. The Economic Times has also reported that Jio Financial took full control of Jio Payments Bank after buying SBI’s stake, while another report said the company had committed Rs 1,000 crore to support its wholly owned subsidiary Jio Finance.
Mukesh Ambani, chairman of Reliance Industries, said the alliance would help create a financial system built on scale, trust and inclusion, and would make credit more accessible through technology and global experience. Bank of America chief executive Brian Moynihan said the investment reflected the lender’s confidence in India as a major growth market and in Jio Financial’s rapid progress. For Jio Financial, the deal deepens a strategy first outlined in 2023, when the group said it wanted to expand into merchant lending, insurance and other services through a digital-first model.
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