18-July-2024
Markets and Finance
 
Indians' funds in Swiss banks plunge 70% to hit four-year low of Rs 9,771 cr
21-Jun-2024

Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70 percent in 2023 to a four-year low of 1.04 billion Swiss Francs (Rs 9,771 crore), annual data from Switzerland's central bank showed on Thursday. The decline in aggregate funds of Indian clients with Swiss banks for the second consecutive year, after hitting a 14-year-high of CHF 3.83 billion in 2021, was largely driven by a sharp plunge in funds held through bonds, securities and various other financial instruments.

News Source:- https://www.moneycontrol.com/news/business/economy/indians-funds-in-swiss-banks-plunge-70-to-hit-four-year-low-of-rs-9771-cr-12752932.html