Here’s the gist: Axis Bank offers NRIs high interest (up to 6.4%) on foreign currency deposits. Citigroup, though it exited retail banking in India in 2022, is now backing these deposits offshore using standby letters of credit; essentially multiplying the value of each deposit. The RBI’s swap facility, meant to boost forex reserves, got so popular it was cut short after $52B+ flowed in. This isn’t just banking; it’s financial engineering at play. And it opens doors for global banks without Indian branches to still tap into India’s diaspora wealth. Smart? Absolutely. Complex? A bit. Profitable? For everyone involved, yes.