• Tuesday, August 03, 2021
India corona update 
Total Fatalities 349,186
Total Cases 28,909,975
Today's Fatalities 2,427
Today's Cases 100,636
India corona update 
Total Fatalities 349,186
Total Cases 28,909,975
Today's Fatalities 2,427
Today's Cases 100,636

Business

Indian deposits in Swiss banks ‘hit 13-years high in 2020’

(Photo by Matt Cardy/Getty Images)

By: ShilpaSharma

By: Shilpa Sharma

FUNDS deposited by Indian nationals and firms in Swiss banks hit a 13-year-high of about 2.6 billion Swiss francs (£2.04bn) in 2020, up from 899 million Swiss francs (£704m) a year ago, according to annual data released by the Swiss National Bank (SNB) on Thursday (17).

This also includes deposits by India-based branches and other financial institutions.

The steep rise in 2020 deposits is because of a surge in holdings via securities and similar instruments, though customer deposits fell, SNB data showed.

The last record high was touched in 2006, when deposits by Indian nationals and firms totalled 6.5bn Swiss francs (£5bn); in later years, there was a downward trend of deposits.

From Pakistan too, deposits surged 77.8 per cent in 2020 to 640m Swiss francs (£501m).

Meanwhile, the money deposited by Bangladesh clients in Swiss banks plunged 6.6 per cent to 563m Swiss francs (£441m) in 2020, marking a third consecutive yearly fall.

Of the total sum, 530m Swiss francs (£415m) belong to different banks and the rest to Bangladeshi nationals, the SNB data showed.

The data does not specify who the amount belongs to.

A high level of confidentiality protections in the banking laws makes Switzerland the preferred destination for the wealthy from all over the world to park their funds.

The only exception for information sharing is if a government agency claims that a depositor is involved in a serious criminal act or in some other financial issue.

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