Bank of America (BofA) has announced a significant strategic investment in Jio Credit Limited (JCL), the rapidly expanding lending subsidiary of Jio Financial Services. Under a definitive agreement, BofA will inject up to ₹18,268 crore (approximately $1.9 billion at an assumed exchange rate of ₹96 to the US dollar) into the Indian non-banking financial company (NBFC).
The deal involves BofA acquiring an initial 26.5% equity interest in Jio Credit through a preferential allotment of equity shares and warrants. Should these warrants be fully exercised, BofA’s stake in JCL could increase to as much as 49.9%. The entire transaction remains subject to the necessary regulatory and statutory approvals.
Strategic Growth for Jio Credit
Jio Credit Limited has demonstrated remarkable growth since its inception, establishing itself as one of India’s fastest-growing NBFCs. As of June 30, 2026, just two years after commencing operations, its assets under management (AUM) had already reached an impressive ₹30,667 crore (around $3.2 billion).
This substantial capital infusion from Bank of America is earmarked to support Jio Credit’s continued lending growth and expansion initiatives. The partnership is also expected to benefit JCL by integrating BofA’s extensive expertise in financial services, robust governance frameworks, advanced risk management strategies, and cutting-edge technology into the joint venture.
Impact on the NBFC Sector
The investment marks a major development in the Indian NBFC sector, highlighting the increasing interest of global financial institutions in India's digital lending landscape. It underscores the potential and scale of players like Jio Credit within the rapidly evolving financial services ecosystem.