Brendan McDermid | ReutersBank ⁠of America ​will ​invest ​up ⁠to $1.92 ⁠billion for a 49.9% ‌stake in ​Jio Credit, a ⁠unit of ‌Jio ‌Financial Services, ⁠the companies said ⁠on ⁠Wednesday.The U.S. lender will be a joint venture partner in Jio Financial's non-bank lending arm through a preferential allotment of equity shares and warrants.The transaction initially gives Bank of America a 26.5% stake, which can go up to 49.9% upon exercise of the warrants.The deal is the latest large investment in India's financial services sector, which include Japan's investment in Shriram Finance and Dubai-based bank Emirates NBD's 60% stake in lender RBL Bank."The investment will allow BofA to expand its participation in the rapidly growing Indian market ... while doing so with a partner that has local expertise," the companies said in a statement.