Citigroup and Axis Bank are partnering to finance investments by non-resident Indians (NRIs) in foreign-currency deposits, according to people familiar with the matter. The arrangement focuses on supporting NRI-linked dollar deposit activity where financing is extended via Citi’s offshore operations and backed through Axis Bank.
Under the deal, Axis Bank provides standby letters of credit that support financing extended by Citigroup, enabling deposit-related transactions. The sources cited by Business Line describe Axis Bank’s role as providing the letters of credit for funding offered through Citi’s offshore activities. Bloomberg similarly reports Citi’s involvement in financing, tied to NRI investors using foreign-currency deposits at the local lender.
Across the outlets, there is broad agreement on the partners and the core structure: Citi provides financing through offshore operations, while Axis Bank supports the transactions through standby letters of credit for NRI foreign-currency deposit growth. The reporting does not provide further details on deal size, pricing, or timing.
