Jio Credit Secures $1.9B Investment From Bank of America

The definitive agreement, signed in August 2026, values Jio Credit at roughly 2.5 times its net worth. Bank of America will initially purchase a 26.5% stake, with the option to increase it to 49.9% through warrants, subject to regulatory approvals. Jio Financial Services will retain the remaining shares.

The equity infusion is aimed at supporting Jio Credit's loan growth as it expands its product offerings. For Bank of America, the deal deepens its involvement in India's financial sector without establishing retail banking operations, which it does not run outside the U.S.

Brian Moynihan, Bank of America's chair and CEO, called India one of the world's most important growth markets, citing the bank's decades of presence there. Mukesh Ambani, founder of Jio Financial Services, said the partnership would combine Jio's digital reach with Bank of America's global expertise to improve credit access for Indians.

The investment is part of a wave of foreign capital flowing into Indian lenders, driven by strong credit demand and low delinquency rates. Recent examples include MUFG's investment in Shriram Finance, Emirates NBD's purchase of a 60% stake in RBL Bank, and Sumitomo Mitsui Financial Group's investment in Yes Bank.

Jio Financial, listed in 2023 after a demerger from Reliance Industries, operates in digital lending, payments, insurance broking, and asset management. It has joint ventures with BlackRock for wealth management and with Allianz for general and health insurance.