Swiss Money: India moves down to 77th rank

On June 26, 2020, the Swiss National Bank released its analysis of annual banking statistics. According to the report, India ranked low when it comes to money held by Indian individuals and organizations with the Swiss banks.

Highlights

The United Kingdom accounted to 27% of total foreign funds held by Swiss banks and ranked first. The UK was followed by US, West Indies, France and Hong Kong. These top 5 countries accounted to more than 50% of the aggregate of foreign funds. The top 10 countries accounted to more than two-third of the foreign funds in the Swiss Banks.

The top 10 countries included Germany, Bahamas, Luxembourg, Singaporre and Cayman Islands.

India at the Swiss Banks

India ranked 77^th in holding funds with the Swiss banks. India holds 0.06% of aggregate funds of the Swiss based banks. The Indian funds at the Swiss bank declined by 5.8% in 2019 as compared to the previous year.

According to the report of Swiss National Bank, India as of 2019 holds 899 million Swiss Francs, which is Rs 6,625 crores.

BRICS

Among BRICS countries, India ranked the lowest. Russia ranked the highest at 20^th place followed by China at the 22^nd, South Africa at 56^th and Brazil at 62^nd.

India’s Neighbours

The neighbouring countries of India ranked lower. Pakistan was at 99^th place, Nepal at 118^th, Bangladesh at 85^th, Myanmar at 186^th, Sri Lanka at 148^th, Bhutan at 196^th places respectively.

History

India was at 75^th position in 2015. India used to be among top 50 countries when it comes to holding money in Swiss banks till 2007. In 2004, India ranked 37^th.

Month: Current Affairs - June, 2020