Bank of America to buy up to 49.9% stake in Jio Credit for $1.92bn

Bank of America is acquiring a 49.9% stake in Jio Credit for approximately $1.9 billion. This strategic investment marks a significant push by BofA into the Indian lending market. The move is expected to reshape local financial dynamics by increasing foreign investment and competition within the sector. By securing this substantial minority stake, Bank of America aims to strengthen its presence and operational capabilities within India's evolving financial landscape through the Jio Credit partnership.