Why in news ?
- According to ‘Annual Bank Statistics of 2020’ released by Swiss National Bank (SNB), the Central Bank of Switzerland.
- India with Swiss Francs (CHF) 2.55 billion (INR 20,706 Crore) has been placed at 51st place in the list of foreign clients’ money in Swiss Banks during 2020. The United Kingdom (UK) topped the list with CHF 377 billion, followed by the US (152 billion).
- India was ahead of countries like New Zealand, Norway, Sweden, Denmark, Hungary, Mauritius, Pakistan, Bangladesh and Sri Lanka in terms of foreign clients’ money in Swiss banks.
- Funds held by Indian individuals and firms in Swiss banks raised over 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 marking the highest level in 13 years.
- The figures stood at a record high of nearly CHF 6.5 billion in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013, and 2017, as per the Swiss National Bank (SNB) data.
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