Mumbai, August 26, 2026: Jio Financial Services Managing Director Hitesh Sethia on Wednesday said the tie-up with Bank of America (BofA) will provide access to the US-headquartered partner's technology, governance and risk management practices.
Addressing shareholders at the company's third annual general meeting, which comes within a fortnight of Reliance Industries' financial services arm announcing a joint venture with BofA in its lending business, Sethia said the Rs 18,268-crore deal will also give access to growth capital.
BofA Tie-Up To Provide Growth Capital
"In addition to growth capital, this transaction will enable Jio Credit to leverage BofA's global banking expertise, including best-in-class governance and advanced risk management practices, and cutting-edge technology," he said.
By the end of June, Jio Credit, the non-banking financial company in which BofA will hold a little less than 50 per cent equity, had crossed the Rs 30,000 crore assets under management mark, he said, adding that it comprises secured loans to individuals and private companies, including well-rated corporates.
JFS Avoids Aggressive Cash Burn
Apprising of developments in other areas, including its joint ventures in asset management and insurance businesses with BlackRock and Allianz, respectively, Sethia said JFS will not resort to cash burn.
"Even in an early growth phase we do not need to resort to aggressive cash burn for brand-building and customer acquisition," he said.
JFS is profitable even as it invests for growth and nurturing businesses which are in different stages of maturity, he added.
In FY26, it infused a total of Rs 2,900 crore in equity across operating subsidiaries and joint ventures to support their expansion, Sethia said.
The combination of scale, strict risk discipline and technology-led operating leverage is delivering optimal results for the company, he added.
Payments Bank Sees Operational Turnaround
He said Jio Payments Bank achieved an "operational turnaround" in Q1FY27, which validates the strategy of scaling transaction throughput while building sustainable unit economics.
On the asset management side, where it has warmed up to regular distribution after starting off with direct-to-client distribution focus, Sethia said the JV has onboarded over 11,000 mutual fund distributors and more than 800 dedicated for SIF offerings.
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Insurance And Digital Marketplace
Commenting on the insurance vertical, he said discussions with Allianz are ongoing for life insurance business, while the company is in the process of getting regulatory and statutory nods for the general insurance business.
The recently launched neural agentic marketplace is now processing about 34,000 daily purchases across JFS' own and third-party products, he said.
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