Citigroup, Axis Bank team up to leverage NRI deposits as RBI dollar inflows surge
· economictimes.indiatimes.com
Citigroup and Axis Bank have tied up to finance non-resident Indians investing in foreign-currency deposits, leveraging RBI rules that allow standby letters of credit against such deposits. The arrangement could amplify dollar inflows through offshore financing as India seeks to strengthen foreign-exchange reserves and support the rupee amid strong NRI deposits.
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