As per data released by the central banking authority of the Alpine nation, India has moved down one place to 74th rank in respect of money parked by its citizens and enterprises with Swiss banks, while the UK has remained on the top spot.
According to the analysis of the latest annual banking statistics released by the Swiss National Bank (SNB), shows that India remains ranked very low, accounting for just about 0.07% of the aggregate funds parked by all foreign clients of banks of Switzerland. On the other hand, the top-ranked UK accounted for more than 26% of the total foreign funds parked with Swiss banks.
- America is also included in among the top 5 countries that hold money in Swiss banks. After that, the West Indies, France and Hong Kong are number one. The share of these five countries is more than 50% of the total deposits.
- Talking about the top 10 countries, the share of their deposits is two-thirds and the share of the top 15 countries is 75% which includes Bahamas, Germany, Luxembourg, Cayman Islands and Singapore.
- India and neighbouring countries are far behind in depositing money in Swiss banks. Pakistan 82, Bangladesh 89, Nepal 109, Sri Lanka 141, Myanmar 187 and Bhutan 193 are a number.
Among the five-nation BRICS bloc of emerging economies, Brazil is at 65th place, Russia is ranked the highest at 20th place, followed by China at 22nd, India is at 74th, and South Africa at 60th place.
India was ranked highest at 37th place in the year 2004. And, it used to be among the top-50 countries in terms of holdings in Swiss banks till 2007. But due to changes in India framework, its rank started declining after that — 55th in 2008. It ranked 59th in 2009 and 2010 each, and then 55th again in 2011. But it reduced to 71st in 2012 and then to 58th in 2013. India’s rank was 75 in 2015.
UK continues to account for the largest chunk at about CHF 372 billion and remains on the second position despite a dip to about CHF 144 billion (from CHF 166 billion a year ago).
Due to global clampdown against the erstwhile banking secrecy walls in the Alpine nation, the number of other major countries also saw their funds falling in Swiss banks.
Additionally, due to automatic information exchange framework with India, Switzerland and other countries, the famed secrecy walls of Swiss banks have crumbled. India has already been getting information on accounts where proof of illicit funds can be furnished.