As per the reports, Funds parked by Indian individuals and firms in Swiss banks have jumped to 2.55 billion Swiss francs (over Rs 20,700 crores) in 2020. The figure has reached the highest level in 13 years

However, the biggest difference has been a surge in 'other amounts due to customers' from India, which rose over six times. While the UK topped the charts for foreign clients' money in Swiss banks, India has been placed at 51st place

  

Indians' funds in Swiss banks jump to Rs 20,700 crore, highest in 13 years

WHAT?

Funds parked by Indian individuals and firms in Swiss banks jumped to over Rs 20,700 crore in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland’s central bank showed on Thursday.

HOW?

The increase in aggregate funds of Indian clients with Swiss banks, from Rs 6,625 crore to over Rs20,700 crore at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years.

WHO?

While the UK topped the charts for foreign clients' money in Swiss banks at CHF 377 billion, it was followed by the US (CHF 152 billion) at the second spot -- the only two countries with 100-billion-plus client funds.

Others in the top 10 were West Indies, France, Hong Kong, Germany, Singapore, Luxembourg, Cayman Islands and Bahamas.