Citi teams with Axis Bank to simplify NRI foreign-currency deposits
Citi is teaming up with Axis Bank to make it easier for nonresident Indians (NRIs) to invest in foreign-currency deposits.
With Axis Bank providing standby letters of credit and Citi offering offshore financing, NRIs can now use their deposits more flexibly and boost their investment potential.
RBI scheme drives $52.3B deposits
This partnership fits right into the Reserve Bank of India's plan to attract US dollars and strengthen foreign exchange reserves as the rupee faces pressure.
Thanks to RBI's special scheme introduced in June, diaspora deposits have already crossed about $52.3 billion through Aug. 13; the RBI shortened the swap window to the end of August from Sept. 30.
Even after selling its retail business in India, Citi is showing it is still committed to supporting big finance through global networks.