look news india
The deposits of Indian individuals and companies in Swiss banks have decreased by 70 percent in the year 2023. The fund has reached a four-year low of Rs 9,771 crore. This information was received on the basis of annual data released by the Switzerland Central Bank on Thursday.
Deposits of Indian residents in Swiss banks have declined for the second consecutive year. In 2021, deposits by Indians in Swiss banks reached a 14-year high of CHF 3.83 billion. Since then, the funds have seen a sharp decline. These funds are deposited in Swiss banks in the form of bonds, securities and various financial instruments.
The data showed that there has been a significant drop in customer deposit accounts and money held by other bank branches in India in Swiss banks. These are official figures submitted by banks to the Swiss National Bank (SNB) and do not reflect the much-discussed alleged black money held by Indians in Switzerland. These figures also do not include money held in Swiss banks by Indians, NRIs or others in the name of third-country companies. A total of CHF 1,039.8 million is described by the SNB as the total liabilities of Swiss banks or their Indian customers at the end of 2023. This includes CHF 310 million in customer deposits.
