Loans, deposits of Indians in Swiss bank decreased by 34.5% in 2017

New Delhi, August 1: The Loans and deposits of Indians, other than Banks, in the Swiss banks decreased by 34.5% in the year 2017 as compared to 2016. This was said by Minister of State for Finance Shiv Pratap Shukla on Tuesday.

 

In a written reply to Rajya Sabha, Minister Shiv Pratap Shukla said that the data collected by Swiss National Bank in collaboration with Bank for International Settlements (BIS) shows that the loans and deposits of Indians, other than Banks, in the Swiss banks decreased by 34.5% in the year 2017 as compared to 2016.

The Minister further said, “There has been a significant reduction in Swiss non-bank loans and deposits of Indians by 80.2% between 2013 and 2017.” “To analyze Indian residents’ deposits held in Switzerland, another data source should be used. This is the so-called ‘locational banking statistics’, which the SNB collects in collaboration with the Bank for International Settlements (BIS),” he added.

Last month, Finance Minister Piyush Goyal said, "After the NJP-led NDA came to power in 2014, deposits in Swiss banks have been reduced by 80 percent till the end of 2017." The Minister said, “Media reports quoting Swiss Bank’s annual statistics showed an increase of 50 percent in its total liabilities towards India in the year 2016-17 is misinterpreted.”

"Bank of International Settlements data shows a decrease of 34.5 percent in assets held by Indian residents in Switzerland in 2017, as compared to 2016. Earlier data claiming 50 percent increase misinterpreted," he concluded.