Indian Money in Swiss Banks More Than "Triples" in 2024 to Nearly $4.2 Billion | Spotlight | N18G
Indian Money in Swiss Banks More Than "Triples" in 2024 to Nearly $4.2 Billion | Spotlight | N18GIndian money held in Swiss banks has more than tripled in 2024 to 3.5 billion Swiss Francs or nearly $4.2 billion, marking the highest figures since 2021, according to the Swiss National Bank (SNB). As per media reports, this significant increase primarily stems from funds held through bank channels and other financial entities, rather than individual customer accounts. While direct deposits from Indian customers saw a modest 11% rise to $424 million, they represent only a tenth of the total Indian money in Swiss banks. The SNB data, reflecting all liabilities of Swiss banks toward Indian clients at the end of 2023, breaks down to nearly $3.7 billion held through other banks, $424 million in customer accounts, $50 million via fiduciaries or trusts, and $165 million in other instruments like bonds and securities. Watch this video to know more.
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