{
  "id": 7091049,
  "title": "Bank Of America To Infuse ₹18,268 Crore In Jio Credit To Boost Growth & Expand Lending Business",
  "url": "https://urgent.news/2026/09/13/bank-of-america-to-infuse-18-268-crore-in-jio-credit-to-boost-growth",
  "topic": "world",
  "section": "World",
  "published": "2026-09-13T09:17:08.000Z",
  "source": {
    "name": "Free Press Journal",
    "slug": "free-press-journal",
    "url": "https://www.freepressjournal.in/business/bank-of-america-to-infuse-18268-crore-in-jio-credit-to-boost-growth-expand-lending-business"
  },
  "original_language": "en",
  "account": "The Bank of America agreed to invest Rs 18,268 crore into the credit division of Jio Financial Services (JFS) by the end of this year, following the completion of necessary regulatory clearances. According to Hitesh Sethia, JFS's managing director and chief executive, this infusion will enable the entity to grow its assets under management (AUM) by nearly five times, from the current Rs 30,000 crore. The company will not require additional capital until its AUM reaches Rs 1.5 lakh crore. Following the infusion, JFS's board will undergo restructuring, with the American bank gaining two board seats, while JFS will retain two, including Sethia's position as MD and CEO. Additionally, four independent directors will be added. Sethia did not provide a specific timeline for JFS's entry into consumer durable and unsecured lending segments, but mentioned that the company would evaluate its business plan and product roadmap post-infusion. Sethia highlighted that BoFA's long-standing experience in navigating economic cycles and crises will benefit JFS, and the partnership will also enhance risk management practices and institutional resilience. The consumer will benefit from improved products and services, tailored to Indian market conditions. The company plans to expand its presence in 20 cities out of 18 currently operating, aiming to capture four-fifths of the target market opportunity.",
  "summary": "Mumbai, Sep 13: Non-bank lender Jio Credit will get the capital of Rs 18,268 crore from Bank of America (BoFA) by December this year once all the regulatory approvals for the infusion are in place, a top official at parent Jio Financial Services (JFS) has said. Once the capital comes in, the entity will re-evaluate its business strategies and also product plans to accelerate growth in assets…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}