Current Affairs - Banking - Discussion

Axis Bank partnered with Citigroup Inc. on August 24, 2026, to finance Non-Resident Indian (NRI) foreign-currency deposits and support India’s foreign exchange reserves. Under the arrangement, Axis Bank provides standby letters of credit that support offshore financing extended by Citigroup to NRI investors. This mechanism enables leveraged investment in foreign-currency deposits and allows offshore lenders to provide financing without maintaining a retail presence in India. Axis Bank also offers FCNR (B) deposits with interest rates of up to 6.40%. The partnership strengthens financial linkages with NRIs while supporting foreign-currency inflows into India.