Money & Banking

Indians’ money in Swiss banks at second-lowest level in 2 decades

PTI Zurich/New Delhi | Updated on June 27, 2019 Published on June 27, 2019

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Money parked by Indian individuals and enterprises in Swiss banks, including through Indian branches, fell by nearly 6 per cent in 2018 to 955 million Swiss francs (about ₹6,757 crore) to hit its second-lowest level in over two decades, Swiss National Bank data showed on Thursday.

Aggregate funds of all foreign clients of Swiss banks also fell by over 4 per cent to CHF 1.4 trillion (nearly ₹99-lakh crore) in 2018, according to the annual banking statistics released by the Zurich-based central banking authority of Switzerland.

However, the ‘locational banking statistics’ of the Bank for International Settlement (BIS), which the Indian and Swiss governments had said last year was a more reliable measure for deposits by Indian individuals in Swiss banks, showed a greater fall of 11 per cent for 2018.

According to the SNB, its data for ‘total liabilities’ of Swiss banks towards Indian clients takes into account all kinds of funds of Indian customers at Swiss banks, including deposits from individuals, banks and enterprises. This includes data for branches of Swiss banks in India, as also non-deposit liabilities.

The total customer deposits of Indian clients rose to CHF 572 million in 2018, but funds held through banks fell to CHF 104 million, while money parked through securities and other instruments and via fiduciaries also declined. Swiss banks saw a marginal increase in the amount due from their Indian customers to CHF 212 million from CHF 210 million in 2017.

Published on June 27, 2019

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