Why Indian cash in Swiss banks is down regardless of 50% leap in ‘buyer deposits’ | India Information
The cash parked by Indian nationals and banks fell by over 8 p.c, in keeping with knowledge launched by the Swiss central financial institution on Thursday. Based on information company PTI, the quantity declines to CHF 3.25 billion (about Rs 36,793 crore) attributable to a lower in funds held by Switzerland’s monetary establishments and native branches.
The entire CHF 3,250.5 million represents what the Swiss Nationwide Financial institution (SNB) describes as ‘complete liabilities’ of Swiss banks, or quantities owed to Indian purchasers as of end-2025. The majority of the funds – CHF 2.6 billion – was held within the type of ‘quantities attributable to banks’, that means cash routed via different banking and monetary establishments. This class noticed a decline of practically 15 p.c in the course of the 12 months.
Buyer deposits, nevertheless, informed a unique story.
Buyer deposits rise sharply
Cash held in buyer accounts of particular person and institutional purchasers rose by over 50 p.c to CHF 524 million (practically Rs 6,000 crore) in 2025. Regardless of the sharp leap, this phase accounts for under about 16 p.c of complete funds parked in Swiss banks.
The remaining quantities included CHF 18.6 million held via fiduciaries or trusts – down 55 p.c from CHF 41 million the earlier 12 months – and CHF 105.7 million in bonds, securities, and different monetary devices, additionally decrease than the CHF 135 million recorded in 2024.
A separate indicator
The ‘locational banking statistics’ of the Financial institution for Worldwide Settlements (BIS) – regarded by each Indian and Swiss authorities as a extra dependable measure of deposits by Indian people – confirmed a 20 per cent rise in 2025 to $89.73 million (practically Rs 780 crore). This adopted a 6 per cent improve in 2024, after three consecutive years of decline. The determine had peaked at over $2.3 billion on the finish of 2007.
Is Indian cash in swiss banks on a downward slope?
Based on PTI, the 2025 dip follows a pointy three-fold leap in 2024, when complete Indian funds in Swiss banks had climbed to CHF 3.5 billion – the very best since 2021, after they had touched a 14-year peak of CHF 3.83 billion. The document excessive was practically CHF 6.5 billion in 2006, after which the general trajectory has been largely downward, with intermittent will increase in 2011, 2013, 2017, 2020, 2021, 2022, 2023, and 2024.
‘Not black cash’
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It bears noting that these are official figures reported by banks to the SNB and don’t mirror the quantum of alleged black cash held by Indians in Switzerland. The info additionally excludes funds that Indians, NRIs, or others could maintain in Swiss banks via third-country entities.
Swiss authorities have persistently maintained that property held by Indian residents in Switzerland can’t be handled as black cash. An automated change of data in tax issues between Switzerland and India has been in pressure since 2018. Underneath this framework, detailed monetary data on Indian account holders was first shared with Indian tax authorities in September 2019 and has continued yearly since. Switzerland has additionally been sharing particulars in particular person circumstances the place prima facie proof of monetary wrongdoing has been submitted – a course of that has coated lots of of circumstances up to now.
The place India stands
India was positioned forty sixth amongst international locations whose purchasers park cash in Swiss banks, up from forty eighth in 2024. By way of property held by Indian purchasers, the determine stood at CHF 1.5 billion at end-2024, down practically 6 per cent from the earlier 12 months.
The UK led the rankings with CHF 192 billion in overseas consumer funds, adopted by the US at CHF 75 billion and France at CHF 63 billion. The highest ten additionally included the West Indies, Germany, Hong Kong, Singapore, Luxembourg, the UAE, and the Netherlands. Total, overseas consumer funds in Swiss banks declined by practically 8 per cent in 2025 to CHF 1.05 trillion.
The place do India’s neighbours stand
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India’s neighbouring nations, Pakistan and Bangladesh, additionally noticed adjustments within the quantum of cash parked in Swiss banks.
Pakistan noticed a dip from CHF 272 million to CHF 257 million this 12 months. This drop means Pakistan now ranks 108th. In the meantime, Bangladesh had a pointy rise of 43 p.c to CHF 842 million, being positioned on the 81st place on the finish of 2024.
With inputs from PTI
(Written by Nityanjali Bulsu, who’s an intern at indianexpress.com)
