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In 2023, funds held by Indian individuals and firms in Swiss banks dropped by 70% to a four-year low of CHF 1.04 billion, primarily due to reduced holdings in bonds, securities, and other instruments. India’s ranking in foreign client funds fell to 67th

Indian funds in Swiss banks drop 70% to a 4 year low of Rs 9,771 crore

<h2>In 2023, funds held by Indian individuals and firms in Swiss banks dropped by 70% to a four-year low of CHF 1.04 billion, primarily due to reduced holdings in bonds, securities, and other instruments. India&rsquo;s ranking in foreign client funds fell to 67th</h2>

Funds held by Indian individuals and firms in Swiss banks plummeted by 70% in 2023, reaching a four-year low of 1.04 billion Swiss Francs (Rs 9,771 crore), according to annual data from Switzerland's central bank. This marks the second consecutive year of decline, following a 14-year high of CHF 3.83 billion in 2021. The drop is primarily attributed to a significant reduction in funds held through bonds, securities, and other financial instruments.
<h3>Fund in Swiss bank declines</h3>
The data also revealed a notable decrease in customer deposit accounts and funds held through other bank branches in India. These figures, reported by banks to the Swiss National Bank (SNB), do not account for alleged black money held by Indians in Switzerland or funds held under third-country entities.
At the end of 2023, the total liabilities of Swiss banks to Indian clients amounted to CHF 1,039.8 million. This included CHF 310 million in customer deposits, CHF 427 million held via other banks, CHF 10 million through fiduciaries or trusts, and CHF 302 million in bonds, securities, and other financial instruments.
Historically, the total amount of Indian funds in Swiss banks peaked at nearly 6.5 billion Swiss Francs in 2006. Despite some fluctuations, the trend has generally been downward since then, with notable declines in 2019 and surges in 2021.
The 'locational banking statistics' from the Bank for International Settlements (BIS), deemed more reliable for measuring Indian deposits in Swiss banks, showed a 25% decline in 2023 to USD 70.6 million (Rs 663 crore). This followed an 18% drop in 2022 and an 8% decline in 2021, after a 39% increase in 2020.
Swiss authorities emphasize that Indian residents' assets in Switzerland should not be considered 'black money'. Since 2018, an automatic exchange of financial information between Switzerland and India has been in place, with detailed account data shared annually with Indian tax authorities. Additionally, Switzerland has cooperated in sharing account details of Indians suspected of financial misconduct, with hundreds of cases exchanged so far.
In 2023, the overall funds of foreign clients in Swiss banks declined to CHF 983 billion from CHF 1.15 trillion in 2022. Indian clients' assets fell by 63% to CHF 1.46 million, the lowest in over two decades. India ranked 67th in foreign client funds in Swiss banks, down from 46th in 2022. In comparison, the UK led with CHF 254 billion, followed by the US and France. Neighboring countries Pakistan and Bangladesh also saw significant declines in their funds held in Swiss banks.
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After plunging over 30% on Wednesday, shares of Credit Suisse saw a massive spike after a $54 billion lifeline. In a statement, Credit Suisse said it would exercise an option to borrow up to 50 billion Swiss francs from the Swiss National Bank 

Credit Suisse shares spike sharply after $54 billion lifeline 

After plunging over 30% on Wednesday, shares of Credit Suisse saw a massive spike after a $54 billion lifeline for the bank from the Swiss National Bank 

After plunging over 30% on Wednesday, shares of Credit Suisse saw a massive spike after a $54 billion lifeline for the bank from the Swiss National Bank&nbsp;

Crisis-hit Credit Suisse has been struggling and facing extreme volatility amid doubts over its financial stability.....until the Swiss central bank stepped in, throwing the bank a massive $54 billion lifeline.
In a statement on Thursday (16th March), Credit Suisse said it is "taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank up to CHF 50 billion under a Covered Loan Facility as well as a short-term liquidity facility, which are fully collateralized by high quality assets."&nbsp;
On Wednesday, shares of Credit Suisse plummeted to a new all-time low over worries about a contagion effect of the U.S banking crisis.&nbsp; To calm fears, the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank issued a joint statement. The statement said that the U.S banking crisis did not pose a direct contagion risk for the Swiss financial markets. Specifically, on Credit Suisse, the statement said that the bank meets the capital and liquidity requirements and that if necessary, SNB would provide CS with liquidity. Following the lifeline that was thrown to Credit Suisse, shares of other major European banks, which had also plunged on Wednesday, saw a strong recovery on Thursday.&nbsp;

Swiss Banks are holding over&nbsp;2.55 billion Swiss francs for ultra rich Indians and Indian firms, this is the highest in over 13 years as per&nbsp;annual data from Switzerland's central bank.&nbsp;A sharp surge in holdings via securities and similar instruments helped reverse a two year declining trend in the account holdings that had hit a record high of 6.5 billion Swiss francs (Rs 52,500 cr) as reported by PTI.These are official figures reported by banks to the SNB and do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland.These figures also do not include the money that Indians, NRIs or others might have in Swiss banks in names of third-country entities.

Indians' park Rs 20,700 cr funds in Swiss banks; highest in 13 years

Indians park over Rs 20,000 cr in Swiss Bank accounts data shows.&nbsp;

Indians park Rs 20,700 cr funds in Swiss banks; highest in 13 years

<ul>
<li>Indian funds parked in Swiss Banks surge to highest in 13 years</li>
<li>Swiss Banks holding Indian Funds worth over Rs 20,700 cr</li>
<li>Indian funds rise in 2020 in Swiss a/cs, reversing two year trend</li>
<li>Data provided by Swiss central bank not to be equated as 'black money'</li>
</ul>

Swiss Banks are holding over&nbsp;2.55 billion Swiss francs for ultra rich Indians and Indian firms, this is the highest in over 13 years as per&nbsp;annual data from Switzerland's central bank.&nbsp; A sharp surge in holdings via securities and similar instruments helped reverse a two year declining trend in the account holdings that had hit a record high of 6.5 billion Swiss francs (Rs 52,500 cr) as reported by PTI. These are official figures reported by banks to the SNB and does not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland.These figures also do not include the money that Indians, NRIs or others might have in Swiss banks in names of third-country entities.

swiss banks

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