NEW DELHI/ZURICH: Amid a controversy over its official data showing 50 per cent surge in Indians’ money in Swiss banks last year to CHF 1.01 billion (about Rs 7,000 crore), Switzerland’s central banking authority SNB today said these figures are for total deposits of Indian customers, including from banks and enterprises.
The Swiss National Bank (SNB) further said its figures include the “data from branches of Swiss banks in India” and therefore the locational banking statistics (LBS) compiled by the Bank for International Settlements (BIS), a global central banking body, would be more reliable.
Only only one Swiss bank — Credit Suisse — has a branch in India, while two others — UBS and Zurcher Kantonal Bank — are present in the country through one representative office each, as per the RBI data updated till January 31, 2018.
Weeks after SNB’s annual publication, ‘Banks in Switzerland’, showed a rise in Indians’ money in Swiss banks in 2017 after falling for three consecutive years, Finance Minister Piyush Goyal today said the Indian deposits in Swiss banks actually fell by 34.5 per cent last year as per the data from the BIS. (AGENCIES)
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