Indian Deposits In Swiss Banks Fall To Second Lowest Level In Two Decades, Reveals Switzeland’s Central Bank Data

Indian Deposits In Swiss Banks Fall To Second Lowest Level In Two Decades, Reveals Switzeland’s Central Bank Data UBS, a premier Swiss Bank (twicepix/Wikimedia Commons)

The money deposited by Indian individuals and enterprises in the Swiss banks, including through India-based branches, came down by around 6 per cent in 2018 to 955 million Swiss francs (CHF), or around Rs 6,757 crore, according to the data released by Swiss National Bank (SNB) on Thursday (27 June), reports The Hindu.

According to the report, with this fall in deposits, the money parked by Indians in the Swiss banks has hit its second-lowest level in two decades.

As per the annual banking statistics released by the SNB, which is the central banking authority of Switzerland, the 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. Data for branches of Swiss banks in India have been also included as non-deposit liabilities.

The SNB data reveals that the total liabilities of Swiss banks toward Indian clients fell in 2018 to CHF 954.71 million in 2018, the second-lowest amount since CHF 723 million recorded over two decades ago in 1995.

The lowest ever amount of CHF 675 million deposited by Indians, ever since Switzerland began making the data public in 1987, was recorded in 2016.