Jio Financial Services and Bank of America on Wednesday announced a definitive agreement to form a joint venture that will see the US banking major acquire up to 49.9% in Jio Credit, the latter’s wholly owned non-banking financial company (NBFC).The investment, including equity shares and warrants if fully subscribed, will amount to up to Rs 18,268 crore, or about $1.9 billion.Under the transaction, Bank of America will initially acquire a 26.5% equity interest in Jio Credit through a preferential allotment of equity shares. Its stake could subsequently rise to 49.9% through the exercise of warrants.However, Jio Financial Services Ltd clarified that the transaction is subject to regulatory and statutory approvals.Jio Credit, which began operations two years ago, had assets under management (AUM) of Rs 30,667 crore as of June 30, 2026, according to the companies. The digital-first lender offers a range of lending products and is looking to expand its presence across India's credit market.Jio-BofA joint venture agreementThe proposed joint venture is set to combine Jio Financial Services’ digital reach and understanding of the Indian market with Bank of America’s global financial services expertise, technology capabilities and experience in risk management and governance.The partnership is expected to provide Jio Credit with additional capital to support loan growth while giving it access to Bank of America’s expertise in financial services, technology and risk management.For Bank of America, the investment strengthens its presence in India, one of the world's fastest-growing major economies, while giving it a local partner with an established digital platform and customer base.