Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021, according to annual data from Switzerland’s central bank. The rise in aggregate funds of Indian clients with Swiss banks, from 2.55 billion Swiss francs (Rs 20,700 crore) at the end of 2020, marks the second consecutive year of increase.
- In terms of assets (or funds due from customers), Indian clients accounted for CHF 4.68 billion at the end of 2021, up nearly 10 per cent. This included dues from Indian customer’s worth about CHF 323 million after a rise of 25 per cent during the year.
- The UK has topped the charts for foreign clients’ money in Swiss banks at CHF 379 billion, followed by the US (CHF 168 billion) at the second place – the only two countries with 100-billion-plus client funds.
- Others in the top 10 were West Indies, Germany, France, Singapore, Hong Kong, Luxembourg, Bahamas, the Netherlands, Cayman Islands and Cyprus respectively.
- India was placed at 44th place, ahead of countries like Poland, South Korea, Sweden, Bahrain, Oman, New Zealand, Norway, Mauritius, Bangladesh, Pakistan, Hungary and Finland.
- In BRICS nations, India stood below Russia (15th place) and China (24th), but above South Africa and Brazil.
Important takeaways for all competitive exams:
- Swiss National Bank Chairman of the Governing Board: Thomas J. Jordan;
- Swiss National Bank Head Offices: Berne, Zurich;
- Swiss National Bank Founded: 1854.