Bank of America Makes $1.9 Billion India Bet, Buys Up to 49.9% in Jio Credit
Bank of America is making a $1.9 billion bet on India’s lending boom, and it is doing it with Mukesh Ambani.
The US banking giant will invest up to ₹18,268 crore to acquire as much as 49.9% in Jio Credit, the wholly owned NBFC lending subsidiary of Jio Financial Services, under a definitive agreement announced Wednesday.
The investment, comprising equity shares and warrants through a preferential allotment, will effectively turn Jio Credit into a joint venture between Jio Financial and Bank of America, subject to regulatory and statutory approvals.
The scale of the deal is striking for a lending business that is barely two years old.
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As of June 30, 2026, Jio Credit had already built assets under management of ₹30,667 crore, or roughly $3.2 billion.
The partnership gives both sides something they want.
Jio brings its vast digital reach, distribution capabilities and understanding of the Indian consumer. Bank of America brings global expertise across financial services, risk management, governance and technology, along with fresh capital that can help Jio Credit accelerate its lending business.
The two companies will have equal representation on Jio Credit’s board, while its existing management team will continue to run strategy and operations.
Jio Financial Services Chairman Mukesh Ambani called the partnership a “pivotal milestone”, saying the combination of Jio’s digital reach and Bank of America’s global expertise could help widen access to responsible credit.
For Bank of America, the deal is also an emphatic vote of confidence in India.
“India is one of the world’s most important growth markets, and this investment reflects our confidence in its future,” Chairman and CEO Brian Moynihan said, adding that the bank has operated in and supported the market for decades.
The transaction is still subject to regulatory and statutory clearances.
Once completed, however, Bank of America will have secured a potentially powerful route into one of the world’s fastest-expanding financial-services markets, while Jio Credit gets a global banking heavyweight alongside it for its next phase of growth.
Two years. ₹30,667 crore in AUM. And now a $1.9 billion partner. Jio Credit’s lending ambitions just got considerably bigger.
(With inputs from ANI)