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India slips 1 place to 74th in terms of money in Swiss Banks

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According to the annual banking statistics report compiled by the Swiss National Bank (SNB), India has slipped to 74th place in terms of money parked by its citizens with Swiss banks by the end of 2018. While with maximum holdings, UK (United Kingdom) has remained top in the list.74th in terms of money in Swiss Banks

Key points:

  • India was ranked 73rd  in 2018.
  • India holding fell by nearly 6% in 2018 to 955 million Swiss francs (about Rs.6,757 crore)-a second-lowest level in over two decades.
  • The top-ranked countries in the list are the UK, the US (United States), West Indies, France, and Hong Kong.
  • India was placed at 75th position in 2015 and at 61st in 2014. Till 2007, India used to be among the top 50 countries in terms of holdings in Swiss banks. India ranked highest at 37th place in the year 2004.
  • The total money held in Swiss banks by foreign clients from across the world fell by about 4 percent to CHF 1.4 trillion (about Rs 99 lakh crore) in 2018.
  • The United Kingdom accounted at CHF 372 billion which is over 26% of the total foreign funds till December 2018.
  • The US remains on the second with CHF 144 billion accounts 10.3% of foreign funds.
  • India was also the lowest ranked among the BRICS nations, Russia is ranked the highest (20th) followed by China (22nd), South Africa (60th) Brazil (65th).
  • India’s neighboring nations are ranked lower, with Pakistan(82nd),  Bangladesh (89th), Nepal (109th), Sri Lanka (141st), Myanmar (187th) and Bhutan (193rd).
  • In the last four years, this is the first time that the funds of Pakistan in Swiss banks have slipped below that of Indians.

About Swiss National Bank:
It is the central bank of Switzerland, and is therefore responsible for the monetary policy of the nation of Switzerland and also for the issuing of Swiss franc banknotes
Headquarters‎: ‎Bern‎ and ‎Zurich
Chairman‎: ‎Thomas Jordan