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.
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 77th 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.
Among BRICS countries, India ranked the lowest. Russia ranked the highest at 20th place followed by China at the 22nd, South Africa at 56th and Brazil at 62nd.
The neighbouring countries of India ranked lower. Pakistan was at 99th place, Nepal at 118th, Bangladesh at 85th, Myanmar at 186th, Sri Lanka at 148th, Bhutan at 196th places respectively.
India was at 75th 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 37th.
Month: Current Affairs - June, 2020
Category: Reports & Indexes Current Affairs