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Indian Funds in Swiss Banks Experience 11% Decline, Signaling Shift in Financial Landscape
Published : Jun 23, 2023, 2:17 pm IST
Updated : Jun 23, 2023, 2:17 pm IST
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Swiss Bank
Swiss Bank

Overall wealth of Indian customers in Swiss banks reached 3.42 billion francs

The Central Bank of Switzerland has revealed that the money held by Indian residents and companies in Swiss banks experienced an 11 percent reduction, totaling 3.42 billion Swiss francs (approximately Rs. 30,000 crore) last year. As per the data provided by the Swiss National Bank (SNB) for 2022, the overall wealth of Indian customers in Swiss banks witnessed an 11 percent decrease, reaching 3.42 billion francs.

In the preceding year, 2021, Indian customers held the highest amount in 14 years, with 3.83 billion Swiss francs deposited in Swiss banks. Additionally, the total deposits made by Indians in Swiss banks also decreased by around 34 percent last year, amounting to 394 million francs. This figure marked a significant decline from the seven-year high of 602 million francs recorded in 2021.

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It is important to note that the data released by Swiss banks, based on information provided to the SNB, does not include any mention of alleged black money deposited by Indian account holders. Moreover, these figures exclude deposits made in Swiss banks under the names of firms belonging to third countries.

According to the SNB, the total liability of Swiss banks to Indian customers stood at 342.4 million Swiss francs at the end of 2022. Among this sum, 394 million Swiss francs were in the form of deposits, while 1100 million francs were routed to Swiss banks through other financial institutions. An additional 24 million francs were held by responsible persons or trusts, whereas customers held 189.6 million francs in banks in the form of bonds, securities, and other financial instruments.

Notably, out of the four asset groups held by Indians in Swiss banks, only the segment of responsible persons and trusts experienced an increase. Deposits in the other three segments—other banks and the bonds and securities segment—registered declines.

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The total amount held by Indians in Swiss banks reached a record high of 6.5 billion francs in 2006, after which it has experienced varying degrees of decline. Only in 2011, 2013, 2017, 2020, and 2021 did the amount held by Indian customers witness an increase during this period.

While the decline in Indian deposits in Swiss banks showcases a changing trend, it is crucial to continue monitoring these developments as part of efforts to combat financial irregularities and promote transparency in international banking systems.

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ROZANA SPOKESMAN

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