Categories: Business

India ranks 77th in terms of deposits in Swiss banks, Indians share in total deposits of foreign currency is 0.06%


Money in Swiss banks, India at 77th place, accounts for just 0.06 percent of all foreign funds

New Delhi / Zurich. India has slipped three places to 77th in terms of deposits of Indian citizens and companies in Swiss banks. This information has been found in the latest data from the central bank of Switzerland. Britain holds the first place in this list. Last year, India was ranked 74th on this list. Annual banking data released by the Swiss National Bank (SNB) shows that India comes at a very low place in terms of deposits by Indian citizens and companies. Indians account for only 0.06 percent of the money deposited by foreigners in Swiss banks. At the end of 2019, UK citizens who stood first in the list accounted for 27 per cent of the total deposits.

According to the latest SNB data, the deposits of Indian citizens and companies (including deposits through branches located in India) in Swiss banks declined by 5.8 per cent in 2019 to 89.9 crore Swiss francs (Rs 6,625 crore). This is the total liability of Swiss banks to Indian customers. These include all types of accounts of Indian customers. Such as deposits of individual people, banks and companies. These figures also include deposits in Swiss bank branches in India. These are official figures given by banks to SNB.

These do not indicate the black money of Indians deposited in Switzerland, which has been discussed. These figures do not include the money of Indians, diaspora or other who are named after units of third countries in Swiss banks. Britain ranks first on the list. The US is followed by the second, West Indies third, France fourth and Hong Kong fifth. The top five countries account for more than 50 percent of the total money deposited in Swiss banks. At the same time, the share of the top ten countries is more than 66 percent.

The top 15 countries account for 75 percent of the list and the top 30 countries account for about 90 percent. The top ten countries also include Germany, Luxembourg, Bahamas, Singapore and the Cayman Islands. There are only 22 countries whose share in the money deposited in Swiss banks is one percent or more. These include China, Jersey, Russia, Saudi Arabia, Australia, Panama, Italy, Cyprus, UAE, Netherlands, Japan and Guernsey. Talking of BRICS (Brazil, Russia, India, China and South Africa) countries, India is at the bottom of the list. Russia ranks 20th highest among BRICS countries. He was also at the same place in 2018. China is also at 22nd position like last year. South Africa climbed two places to 56th place. Brazil is at 62nd place. Last year he was ranked 65th.

Countries above India in the list are Kenya (74th), Mauritius (68th), New Zealand (67th), Venezuela (61st), Ukraine (58th), Philippine (51st), Malaysia (49th), Seychelles (45th), Indonesia (44th) ), South Korea (41st), Thailand (37th), Canada (36th), Israel (28th), Turkey (26th), Mexico (26th), Taiwan (24th) Saudi Arabia (19th), Australia (18th), Italy ( 16th), UAE (14th), Netherlands (13th), Japan (12th) and Guernsey 11th. However, many neighboring countries are below India on the list. Among them, Pakistan is ranked 99th, Bangladesh 85th, Nepal 118th, Sri Lanka 148th, Myanmar 186th and Bhutan 196th. Deposits of all these countries declined in 2019.

This post was published on June 26, 2020 2:25 pm

Content Team

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