Jio Financial Services and Bank of America Sign Joint Venture Deal

Jio Financial Services Limited and Bank of America Corporation announced on Aug 12, 2026, that they signed a definitive joint venture agreement. Under the deal, Bank of America will acquire up to 49.9% of Jio Credit Limited, JFSL's wholly owned NBFC lending subsidiary, through a preferential allotment of equity shares and warrants. The investment totals approximately ₹18,268 crore (~$1.9 billion).

Jio Credit Limited had built assets under management of ₹30,667 crore (~$3.2 billion) as of Jun 30, 2026, within two years of operations. The venture pairs JFSL's digital reach and knowledge of the Indian market with Bank of America's global financial services expertise. Under the agreement, Jio Credit's board of directors will have equal representation from both JFSL and Bank of America.

The existing management team of Jio Credit will continue in place.