Citigroup Inc. has tied up with Axis Bank Ltd. to finance non-resident Indians investing in foreign-currency deposits with the local lender, according to people familiar with the matter.
Axis Bank will provide standby letters of credit to support financing extended by Citigroup through its offshore operations, said the people, who asked not to be identified because the information is private. The arrangement allows leverage on the amount invested by an NRI, they said.
