BFSI
Bank of America Invests Rs 18,268 Crore in Jio Credit for 49.9% Stake
Global financial giant Bank of America (BofA) is set to infuse a significant ₹18,268 crore into Jio Financial's lending arm, Jio Credit, securing a 49.9% stake. This major foreign investment in India's financial sector highlights the immense growth potential seen in the Indian market. Jio Credit's Assets Under Management (AUM) have already shown impressive traction, reaching ₹30,667 crore, a substantial 2.6x jump year-on-year. This collaboration provides Jio Financial Services with crucial global capital and expertise, accelerating the expansion of its lending business. The deal is a landmark event for the Indian financial landscape, signalling strong confidence from international players in the country's burgeoning credit and NBFC sector.
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RBI
Bank Credit Surges 20% as Industry and Services Borrowing Accelerates
- Bank credit to industry grew 20% in July, sharply up from 6.5% from the last year
- Services credit jumped 22.9%, led by NBFCs, trade and commercial real estate sectors
- Infrastructure, engineering, metals and chemicals saw strong credit expansion in July
Nifty