Update: Market Chatter: Citigroup Working With Axis Bank to Finance NRI Foreign-Currency Deposits

10:45 AM EDT, 08/24/2026 (MT Newswires) -- (Updates with Citigroup's response in the fourth paragraph.) Citigroup (C) has partnered with Axis Bank to finance non-resident Indians investing in foreign-currency deposits with the Indian lender, Bloomberg News reported Monday, citing unnamed people familiar with the matter. Axis Bank is providing standby letters of credit to support financing that Citigroup extends through its offshore operations, allowing investors to leverage their deposited funds, according to the report. The arrangement gives foreign banks a way to participate in the growing deposit market without having an Indian retail-banking presence. Citigroup said it was unable to comment, while Axis Bank did not respond to MT Newswires' request for comment. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.) Price: 131.83, Change: +0.17, Percent Change: +0.13