Indians have 'rather few' deposits: Swiss banks

June 18, 2017 14:13

Indians have "few deposits" in Swiss banks compared to other global financial hubs like Singapore and Hong Kong, says a grouping of private bankers in Switzerland amid stepped-up efforts to check the black money menace.

Money held by Indians in Swiss banks declined to a record low of 1.2 billion franc (about Rs 8,392 crore) at the end of 2015, as per the latest available official data. However, no official data is available for money in other global hubs.

According to data from the Swiss National Bank, the funds held by Indians with banks in Switzerland fell by CHF 596.42 million to CHF 1,217.6 million at the end of 2015.

It was the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1997 and marked the second straight year of decline.

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