Indian funds in Swiss banks plummet ₹9,771 crore in 2023
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Funds held by Indian individuals and companies in Swiss banks have significantly decreased by 70% in 2023. This decline marks a four-year low of 1.04 billion Swiss Francs (CHF), equivalent to ₹9,771 crore, per the annual data from Switzerland's central bank. The drop was primarily due to a sharp decline in funds held through bonds, securities, and other financial instruments. This is the second consecutive year of decline after the funds reached 14-year high of CHF 3.83 billion in 2021.