On June 25, 2020, According to the ‘Annual banking statistics, 2019’ released by Switzerland’s central bank Swiss National Bank (SNB), India is at the 77th position in terms of money parked by its citizens and enterprises with Swiss banks at the end of the year 2019,compared to 74th the previous year i.e 2018. Indians account for only 0.06 % of the money deposited by foreigners in Swiss banks.
While, Britain holds the first place in this list with a share of 27 % of the total deposits.
Here’s the list top three countries in the statistics:
|1||United Kingdom (UK)|
Indian money in Swiss bank:
- The deposits of Indian citizens and companies (including deposits through branches located in India) in Swiss banks declined by 5.8 % to 899 million Swiss francs (Rs 6,625 crore) in 2019.
- This is Swiss banks’ total liability to Indian customers. These include all types of accounts of Indian customers, banks and companies & non-deposit liabilities as well.
- Talking of BRICS (Brazil, Russia, India, China and South Africa) countries, India is at the bottom of the list while Russia ranks highest at 20th among BRICS countries (same place in 2018) followed by China at 22nd position like last year, South Africa 56th place(climbed two places ), Brazil is at 62nd ( In 2018, it was ranked 65th ).
- However, many neighboring countries are below India in the list. Among them, Pakistan is ranked 99th, Bangladesh 85th, Nepal 118th, Sri Lanka 148th, Myanmar 186th and Bhutan 196th.
Country’s share in Swiss banks:
The top 5 countries account for more than 50 % of the total money deposited in Swiss banks. At the same time, the share of the top ten countries is more than 66% & top 15 countries account for 75 % of the list and the top 30 countries account for about 90 %.
About Swiss National Bank (SNB):
Headquarters– Zurich, Switzerland
Chairman– Thomas Jordan