Indians' Funds In Swiss Banks Plunge 70% To Hit 4-Year Low
NDTV
The decline in aggregate funds of Indian clients with Swiss banks for the second consecutive year, after hitting a 14-year-high of CHF 3.83 billion in 2021.
Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70 per cent in 2023 to a four-year low of 1.04 billion Swiss Francs (Rs 9,771 crore), annual data from Switzerland's central bank showed today.
The decline in aggregate funds of Indian clients with Swiss banks for the second consecutive year, after hitting a 14-year-high of CHF 3.83 billion in 2021, was largely driven by a sharp plunge in funds held through bonds, securities and various other financial instruments.
Besides, the amount in customer deposit accounts and funds held through other bank branches in India also declined significantly, the data showed.
