Bank of America Corporation and Jio Financial Services Limited are forming a joint venture in Jio Credit Limited, with the US bank set to invest ₹18,268 crore, or about $1.9 billion, through a preferential issue of equity shares and warrants. The deal gives Bank of America an initial 26.5% stake that could rise to 49.9% if the warrants are fully exercised, subject to regulatory and statutory approvals. Jio Credit, a non-banking financial company focused on consumer and merchant lending, had assets under management of ₹10,094 crore as of March 31, 2025, after Jio Financial injected about ₹2,000 crore into the business earlier in August. The partners said the transaction will combine JFSL's digital capabilities and local market knowledge with Bank of America's global financial services, governance, risk management and technology expertise, while the equal board structure positions the venture as a shared platform in India's expanding retail lending market.