Advertisement

Swiss bank places India at 77th position, says accounts for just 0.06% of total foreign funds

An Indian ten rupee banknote and U.S. one-hundred dollar banknotes are arranged for a photograph in Mumbai, India, on Saturday, Aug. 10, 2013. India plans to sell 220 billion rupees ($3.6 billion) of cash management bills each week, stepping up efforts to stem the rupee’s unprecedented plunge by curbing supply of the currency. Photographer: Dhiraj Singh/Bloomberg

Swiss bank placed India at 77th position, three places down in terms of money parked by its citizens and enterprises with Swiss banks at the end of 2019, while other countries including the UK has retained its top position, according to the latest data released by Switzerland’s central bank.

Advertising
Advertising

India was placed at 74th position in the previous year.

Advertisement

An inspection of the newest annual banking statistics released by the Swiss National Bank (SNB) reveled that India remains placed very low when it invoves to money parked by Indian individuals and enterprises in Swiss banks, including through their India-based branches, counting for just about 0.06 per cent against the top-ranked UK, that accounted for nearly 27 per cent of the total foreign funds parked with Swiss banks in 2019.

As per the latest Swiss National Bank data, the funds parked by Indian individuals and enterprises in Swiss banks fell down to 899 million Swiss francs i.e Rs. 6,625 crore or 5.8 per cent in 2019.

Advertisement
Swiss bank

The data is for ‘total liabilities’ of Swiss banks for the Indian customers at Swiss banks, includes all types of funds be it deposits from individuals, banks, and enterprises.

The top five rank holders include the UK followed by the U.S., West Indies, France, and Hong Kong. These top-five nations alone account for quite 50 per cent of the mixture foreign funds parked with the Swiss banks and the top-10 countries including Germany, Luxembourg, Bahamas, Singapore, and the Cayman Islands, account for almost two-thirds of all foreign money.

The top-15 nations account for almost 75 per cent of the foreign funds in Swiss banks, while the top-30 countries contribute almost 90 per cent.

Countries like Kenya (74th), Mauritius (68th), New Zealand (67th), Venezuela (61st), Ukraine (58th), Philippines (51st), Malaysia (49th), Seychelles (45th), Indonesia (44th), South Korea (41st), Thailand (37th), Canada (36th), Israel (28th), Turkey (26th), Mexico (26th), Taiwan (24th), Saudi Arabia (19th), Australia (18th), Italy (16th), UAE (14th), Netherlands (13th), Japan (12th) and Guernsey (11th) are placed above India.

However, India’s neighboring countries like Pakistan (99th), Bangladesh (85th), Nepal (118th), Sri Lanka (148th), Myanmar (186th), and Bhutan (196th) are ranked below India.

 

Also read:-Moody’s, Fitch sound alarm bell on NPAs, but fail to scare investors; bank stocks surg