Money in #SwissBanks: UK tops, India down to 74th spot
Indian money parked in Swiss banks decreased in 2018 and the country's ranking slipped to 74 on the list while the UK retained its top position, showed data released by Swiss National Bank (SNB). The UK is followed by the US, the West Indies, France, and Hong Kong. India was ranked at 73 for 2017, up from its 88th position for 2016. Here's more.
India's second-lowest level in over two decades
Money deposited in Switzerland-based banks by Indian individuals and enterprises, including through their branches in India, decreased by about 6% in 2018 to CHF 955 million (approximately Rs. 6,757 crore). This is reportedly India's second-lowest level in more than two decades.
India accounts for 0.07% of foreign funds in Swiss banks
According to the latest annual banking statistics released by the Zurich-based central bank of Switzerland, India's rank comparatively remains low. Indian money accounts only for about 0.07% of the aggregate funds deposited by all foreign clients of Swiss banks. On the other hand, the UK accounts for over 26% of the total foreign fund deposits with Switzerland-based banks as of 2018-end.
Top-30 countries account for 90% of foreign-money in Swiss banks
According to the SNB data, the top 5 countries account for over 50% of all the foreign money deposits in Swiss banks while the top 10 countries account for nearly two-thirds of the funds. The top 15 countries account for nearly 75% of the aggregate foreign funds parked with these banks and the top 30 ones, for almost 90%.
At 82nd place, Pakistan ranked lower than India
Meanwhile, among the BRICS (Brazil, Russia, India, China, and South Africa) nations, India is ranked the lowest while Russia is ranked at 20, the highest. China is at the 22nd place, South Africa at 60th, and Brazil at 65th. Most of India's neighbors, however, were ranked lower with Pakistan at 82nd place, Bangladesh 89th, Nepal 109th, Sri Lanka 141st, Myanmar 187th, and Bhutan 193rd.
Total money parked by foreign clients fell by 4%
In 2018, the total money parked with Swiss banks by foreign clients from across the globe reportedly declined by about 4%. The total foreign money deposits decreased to CHF 1.4 trillion (approximately Rs. 99 lakh crore) last year.
