Jio Credit Board Approves ₹1 Lakh Crore Borrowing Limit, Raises NCD Fundraising Plan to ₹50,000 Crore

Key Takeaways:

• Jio Credit Limited's board approved increasing its borrowing limit from ₹50,000 crore to ₹1,00,000 crore, subject to shareholder approval. 
• The company also approved raising its non-convertible debenture fundraising plan from ₹15,000 crore to ₹50,000 crore during FY2027. 
• Saurabh Ghugre will become Chief Financial Officer from November 3, 2026, succeeding Harini Anand, whose resignation takes effect after business hours on November 2. 

Jio Credit Limited, formerly known as Jio Finance Limited, has approved a substantial expansion of its borrowing and debt fundraising limits. 

At a board meeting held on October 12, 2026, the company approved increasing its borrowing limit from ₹50,000 crore to ₹1,00,000 crore. The proposed increase is subject to shareholder approval at a general meeting. 

The board separately approved raising the company's incremental fundraising through non-convertible debentures (NCDs) from the existing ₹15,000 crore to ₹50,000 crore during FY2027. 

The decisions were disclosed to BSE and the National Stock Exchange under applicable SEBI listing regulations. 

Jio Credit also announced a change in its finance leadership, with Saurabh Ghugre appointed as its incoming Chief Financial Officer. 

Jio Credit Proposes Doubling Borrowing Limit to ₹1 Lakh Crore 

The proposed revision would increase Jio Credit's authorised borrowing capacity by ₹50,000 crore, representing a 100% rise from the existing limit. The development could remain in focus for investors monitoring the Jio Financial share price and the company's future growth plans.

The new ceiling of ₹1,00,000 crore is equivalent to ₹1 lakh crore. 

The distinction between borrowing capacity and actual outstanding borrowings is important. 

A borrowing limit specifies the maximum amount a company may be authorised to borrow under the relevant approvals. It does not establish how much debt has already been drawn or how much the company will ultimately raise. 

Jio Credit's October 12 filing does not provide an updated figure for its total outstanding borrowings. 

Nor does the board's decision mean that ₹1 lakh crore of debt has been raised. 

The revised limit remains subject to shareholder approval, as stated in the exchange disclosure. 

NCD Fundraising Plan Increased to ₹50,000 Crore for FY2027 

Alongside the proposed borrowing limit increase, the board approved a higher fundraising amount through non-convertible debentures during FY2027. 

The figure has been revised from ₹15,000 crore to ₹50,000 crore, an increase of ₹35,000 crore. 

In percentage terms, the approved NCD fundraising amount is approximately 233.33% higher than the previous level. 

Non-convertible debentures are debt instruments under which the issuer undertakes to make payments according to the agreed terms. Unlike convertible debt instruments, they do not carry a contractual conversion right into equity shares. 

The coupon, maturity, security arrangements and other conditions depend on the terms of the particular NCD issue. 

Jio Credit's announcement does not provide these details for a specific new tranche. 

It also does not confirm that the entire ₹50,000 crore will be raised in one transaction. 

The approval therefore concerns the company's debt fundraising plan for FY2027 rather than the completion of a particular NCD allotment. 

Jio Credit Announces CFO Transition 

The board also took note of the resignation of Chief Financial Officer Harini Anand. 

Her resignation will take effect from the close of business hours on November 2, 2026. 

Saurabh Ghugre has been appointed as the company's new Chief Financial Officer, effective November 3, 2026. 

The appointment was approved following recommendations from the Nomination and Remuneration Committee and Audit Committee. 

The stated effective dates provide for the incoming CFO to assume the role immediately after the outgoing CFO's resignation takes effect. 

The exchange filing does not specify the reason for Harini Anand's resignation or provide additional details regarding Saurabh Ghugre's previous responsibilities. 

Internal Audit Head Reappointed for Five Years 

Another governance decision concerned the company's internal audit function. 

Jio Credit's board approved the reappointment of Deepti Rathore as Head of Internal Audit for a further five-year term. 

The new term will begin on December 18, 2026. 

The decision followed recommendations from the Nomination and Remuneration Committee and Audit Committee. 

Internal audit forms part of a company's governance and control framework. It reviews internal processes, control systems and other matters within the scope of the organisation's audit arrangements. 

The filing confirms the reappointment and its duration but does not announce any changes to the company's internal audit policies or reporting arrangements. 

What the Board Decisions Mean for Jio Credit's Funding Framework 

The borrowing and NCD approvals address two related but different aspects of Jio Credit's financing arrangements. 

The proposed ₹1 lakh crore borrowing ceiling concerns the company's overall borrowing authority, subject to the specified approval process. 

The ₹50,000 crore NCD plan concerns the amount of incremental funds approved to be raised through a particular category of debt instruments during FY2027. 

These amounts should not automatically be added together to calculate an overall fundraising target because the filing does not establish that they represent separate, non-overlapping borrowing commitments. 

The company has also not disclosed a deployment schedule or specified how the additional fundraising capacity will be allocated across its lending operations. 

Actual borrowing will depend on subsequent financing decisions and the applicable approvals and issuance terms. 

The board meeting began at 4:45 pm and concluded at 6:35 pm on October 12, 2026. 

Jio Credit submitted the decisions to stock exchanges under Regulation 51(2), read with Part B of Schedule III of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. 

The disclosure confirms the board's approval of the revised funding arrangements, the proposed shareholder-dependent borrowing limit increase and the leadership appointments, with the respective effective dates specified in the filing.