Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year high of 3.83 billion Swiss francs (over 30,500 crores) in 2021, thanks to a sharp increase in holdings via securities and similar instruments, according to annual data released by Switzerland’s central bank on Thursday.
The increase in aggregate funds of Indian clients with Swiss banks, from 2.55 billion Swiss francs (Rs 20,700 crore) at the end of 2020, is the second year in a row. Furthermore, the amount of money held in Indian customers’ savings or deposit accounts increased to a seven-year high of around 4,800 crores, reversing a two-year declining trend.
The total amount of CHF 3,831.91 million, described by the SNB as Swiss banks’ “total liabilities” or “amounts due to” their Indian clients at the end of 2021, included CHF 602.03 million in customer deposits (up from CHF 504 million at the end of 2020), CHF 1,225 million held through other banks (up from CHF 383 million), and CHF 3 million held through fiduciaries or trusts (up from CHF 2 million).
