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VERIFIEDET Finance·neutral
Citigroup, Axis Bank team up to leverage NRI deposits as RBI dollar inflows surge
AI Summary
- ·Citigroup and Axis Bank have partnered to finance non-resident Indian foreign-currency deposits.
- ·This collaboration aims to leverage RBI rules allowing standby letters of credit against these deposits.
- ·The partnership is expected to boost dollar inflows and strengthen India's foreign-exchange reserves.