Indian deposits in Swiss banks rise to over Rs 20,700 crore – highest in 13 years

Funds parked by Indian individuals and firms in Swiss banks rose to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020, the highest in 13 years, PTI reported on Thursday, citing annual data from Switzerland’s central bank.

This is a jump of more than 183% from the 899 million Swiss francs (Rs 6,625 crore) at the end of 2019.

The deposits stood at a record high of 6.5 billion Swiss francs (over Rs 52,500 crore) in 2006, following which it has mostly charted a downward trend, except for a few years in 2011, 2013 and 2017, as per the Swiss National Bank data.

The rise in deposits this year, however, come with a rider. Funds classified as “customer account deposits” have actually declined from 550 million Swiss francs (over Rs 4,442 crore) in 2019 to 503.9 million (over Rs 4,000 crore). The money held through fiduciaries and trusts also reduced from 7.4 million Swiss francs (Rs 59.76 crore) to 2 million Swiss francs (Rs 16.5 crore).

However, the amounts deposited through bonds, securities and various other financial instruments rose sharply from 253 million Swiss francs (Rs 2,043 crore) to 1.66 billion Swiss francs (nearly Rs 13,500 crore), during this period.

The data released in the annual report of the…

Read more