Indian Money In Swiss Banks Down 18% In Last 10 Years, Check How Much Money Pakistan and Bangladesh Have In Swiss Bank
New Delhi: According to the latest data from the Swiss National Bank (SNB), deposits by Indian customers in Swiss banks have dropped by about 18% over the past ten years. ANI reported that the amount fell from roughly 425 million Swiss francs in 2015 to 346 million Swiss francs in 2024.
During the COVID-19 pandemic, Indian deposits in Swiss banks saw a sharp rise, reaching a 10-year high of around 602 million Swiss francs. However, after the pandemic, the deposits started to decline again. In 2023, the deposits stood at 309 million Swiss francs and increased slightly by 37 million Swiss francs in 2024. Despite this small rise, the overall trend over the decade remains downward.
ANI quoted experts saying that this fall could be due to stricter banking regulations, more scrutiny on foreign funds, and changes in international financial transparency rules.
The decline is not unique to India. Deposits by American nationals in Swiss banks fell dramatically, from 64.2 billion Swiss francs in 2015 to 24.4 billion Swiss francs in 2024—a drop of about 62%.
Similarly, Chinese deposits decreased from 5.01 billion Swiss francs to 4.3 billion Swiss francs during the same period.
India's neighbors also saw big declines. Deposits by Pakistani nationals dropped from 947 million Swiss francs in 2015 to 241 million Swiss francs in 2024, a fall of nearly 75%. Bangladeshi nationals' deposits fell from 48 million Swiss francs to just 12.6 million Swiss francs, a decrease of over 73%, ANI reported.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
40 minutes ago
- India Today
The new Indian beauty standard: What you should know
For years, professional makeup products carried the baggage of being inaccessible—either too complicated, too expensive, or too foreign. But that myth is now being dismantled. According to Bonish Jain, the focus has shifted to developing products that combine high performance with they're a college student, a working professional, or a beginner, users today want tools that are easy to use, effective, and trustworthy, without needing a beauty degree to figure them out. India Today spoke with Bonish Jain, Director and Founder, and Vaishnavi Jain, Head of Product Development at PAC Cosmetics, to understand how makeup that was once seen as 'too pro' is now becoming intuitive, inclusive, and proudly shift toward accessibility is reflective of a broader beauty movement in India: one that values ease, familiarity, and high-impact results at 'MADE FOR INDIA' REALLY LOOKS LIKEThe phrase "Made for India" is often used in branding, but truly applying it requires an understanding of nuance. For a makeup brand, that means taking into account not just undertones and skin shades, but also how the product wears in heat, humidity, or long workdays. Every aspect—from pigment payoff to texture to longevity—is informed by how Indians live and look. It also means challenging Eurocentric beauty standards and creating solutions grounded in local realities and consumers are incredibly value-conscious. But that doesn't necessarily mean they only shop by price. As Bonish points out, performance builds loyalty. Customers returned not because something was cheaper, but because it worked mindset has helped homegrown brands build genuine credibility. With rising competition in the beauty space, trust—earned through honest formulation and results—has become the most valuable INCLUSIVITY, NOT JUST CLAIMING ITInclusivity in Indian beauty is not a buzzword anymore—it's an expectation. And that means rigorous testing. Vaishnavi Jain shares that their approach involves multiple rounds of trials with both professional artists and real users from across idea is to ensure that a product doesn't just 'look good in theory,' but performs on a wide variety of skin tones and textures in daily life. It's this kind of feedback-driven development that allows products to feel authentic, relatable, and usable across geographies and RISE OF INGREDIENT-CONSCIOUS CONSUMERSToday's buyers want more than just a flawless finish—they want to know how that finish is achieved. What's in the formula? Is it safe? Does it offer skincare benefits too?This growing ingredient-consciousness signals a deeper shift in consumer behaviour: from trend-driven buying to science-backed decisions. Vaishnavi highlights that Indian consumers are now asking informed questions and seeking transparency around formulation, testing, and efficacy, especially in the makeup space, where skincare integration is becoming more FROM NICHE TO NECESSITYWhile sustainable packaging is still emerging in the Indian beauty market, it is no longer a distant goal—it's on the radar. As Vaishnavi notes, there's a steady rise in awareness about waste, material usage, and environmental footprint. Even if not mainstream yet, sustainability is expected to become an integral part of brand strategies going shift also mirrors changes in global beauty ecosystems, where brands are now judged as much on their values as on their is not a monolith—it's a mosaic of skin tones, traditions, and beauty practices. To build a brand that resonates nationally, understanding these regional nuances is Bonish puts it, beauty in India is diverse in its expression. From dewy minimalist looks in the metros to vibrant bridal palettes in smaller towns, cultural relevance drives emotional connection. And this is what allows a product to feel personal, not Indian beauty consumer is evolving—curious, confident, and clear about what they want. And the most successful brands are the ones listening closely. Whether it's inclusivity in shades, transparency in formulation, or relevance in design, what's emerging is a makeup movement that feels intuitive, inclusive, and unapologetically more Indian-led innovations enter the mainstream, the message is clear: professional makeup no longer belongs only to backstage artists or influencers. It belongs to everyone—one brushstroke at a time. advertisement
Business Standard
42 minutes ago
- Business Standard
Interarch Building bags Rs 80-cr order from Ather Energy
Interarch Building Solutions announced that it has secured an order worth Rs 80 crore from Ather Energy for the design, engineering, manufacturing, supply, and erection of pre-engineered steel building systems. The project, valued at Rs 80 crore, is scheduled for completion within nine months, with a 10% advance to be paid along with the order. Interarch Building Solutions provides turnkey pre-engineered steel construction solutions in India. Ather Energy is an Indian electric two-wheeler (E2W) company engaged in the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, and supporting software systems. On Friday, shares of Interarch Building Solutions added 1.43% to close at Rs 2,061, while shares of Ather Energy rose 0.53% to end at Rs 320.75 on the BSE.
Mint
an hour ago
- Mint
Who will use Tesla's robo-taxi? There are 2 big challenges.
Robo-taxis represent an early test case of two critical points for Tesla. Will American consumers trust robots? And will damage to the brand done by CEO Elon Musk's politics jump from Tesla cars to Tesla taxis? Investors will get early indications on both points on Sunday, when the electric-vehicle company is set to launch its robo-taxi service in Austin, Texas on Sunday. Invitations to a select group of customers have been sent out, allowing people to hail a handful of cars operating in a relatively small area. Human safety monitors will be sitting in the front passenger seat, and Tesla will have so-called teleoperators standing by to step in remotely if needed. Alphabet's Waymo, the dominant robo-taxi service so far, uses teleoperators as well. The modest launch might be a disappointment, but it is still a very big deal. It's a chance for Musk to finally deliver self-driving cars, after promising them repeatedly for the better part of a decade, wrote Guggenheim analyst Ronald Jewsikow in a recent report. 'The June robo-taxi launch represents a seminal achievement after [years] of self-driving promises," Jewsikow wrote. That is particularly positive in that it comes from an analyst who rates Tesla stock at Sell. Expanding the service to bring in significant revenue, helping to justify years of investment, is a much bigger deal for Tesla and Tesla investors. A challenge to overcome there will be any potential pushback from consumers turned off by Musk's support for President Donald Trump and rough-and-ready efforts to slash the size of the federal government. Tesla car sales fell 13% year over year in the first quarter, partly because left-leaning shoppers, the group most likely to buy electric vehicles, steered clear of the brand. Wall Street expects a 10% decline in the second quarter, according to FactSet. While Tesla management acknowledged challenges for the brand on their first-quarter earnings conference call, isn't clear whether that will affect the robo-taxi launch. Like so much with Tesla, opinions vary widely. 'One hundred percent," said GLJ analyst Gordon Johnson, when asked if Tesla's brand problems will extend to robo-taxis. He said he doesn't believe the technology is ready, citing the fact that Tesla has chosen to use in-car safety monitors. 'The backlash from consumers will likely be severe given it seems Tesla is endangering the driving public in Austin with this launch," Johnson said. A longtime Tesla bear, he rates the shares at Sell. Cantor Fitzgerald analyst Andres Sheppard, who rates the shares at Buy, doesn't see any major backlash coming. 'We don't think so," said Sheppard. 'There should be some getting used to the vehicles and the technology." Aside from branding, the fact that the technology is unfamiliar could represent a barrier to adoption. Not everyone will feel comfortable without a driver, or even a safety monitor, in the car. Still, that shouldn't be a problem early on for any self-driving technology. 'The people I talk to, colleagues and friends, are excited to [try] it," says Zacks stock strategist Andrew Rocco, adding that early on, 'Airbnb sounded like a crazy idea." Rocco runs Zacks' Technology Innovators Portfolio, which holds Tesla stock. Alphabet's Waymo hasn't had trouble filling its self-driving cabs. It completes more than 250,000 paid cab rides each week with a fleet of some 1,500 taxis. It is tough to argue that Waymos aren't better than regular drivers. It reports 88% fewer crashes with serious injuries, and 79% fewer accidents in which air bags are deployed. So far, self-driving cabs are doing just fine. 'Consumers love robo-taxis," Jewsikow said. Today, Waymo has about 15% of the ride-hailing market in San Francisco, up about 14 percentage points since the start of 2024. Whatever happens, investors should brace for volatility. For months to come, every problem, be it an act of vandalism or a car unable to complete a trip, and every success, such as service expansion, will be scrutinized by investors and Wall Street. Tesla investors, however, are used to that. Tesla stock, by some measures, is about three times as volatile as other large tech stocks. Write to Al Root at
