"Jio Financial Services Limited (JFSL) and Bank of America Corporation (BofA) announced that they have signed a definitive agreement whereby BofA will acquire up to a total of 49.9% interest as a joint venture partner in JFSL's wholly-owned NBFC (non-bank financial company) lending subsidiary, Jio Credit Limited (JCL) through a preferential allotment of equity shares and warrants. The venture will combine JFSL's digital reach and knowledge of the Indian market with BofA's global financial services expertise."