Modi crackdown impact? Deposits by Indians in Swiss banks 18% down in 10 years, SNB cites data

The data revealed that the Indian deposits in the bank saw a slight increase of 37 million Swiss francs last year. In 2023, the deposits stood at 309 million but rose to 346 million in 2024. read more
Latest figures released by the Swiss National Bank (SNB) show that the deposits of Indian customers in Swiss banks has declined by nearly 18 per cent over the past 10 years.
The deposits have now fallen to 346 million Swiss francs from 425 million in 2015.
The data also shows that the deposits reached a whopping 602 million Swiss francs during the Covid-19 pandemic, the highest in the past decade. However, the figures sharply dropped as the pandemic withered away.
STORY CONTINUES BELOW THIS AD
Slight increase reported in 2024
The data further revealed that the Indian deposits in the bank saw a slight increase of 37 million Swiss francs last year. In 2023, the deposits stood at 309 million but rose to 346 million in 2024. However, the trend over the last decade showed a downward trajectory.
Trend not unique to India
However, the decline in deposits is not unique to India.
Several other major economies have witnessed a reduction in funds deposit in Swiss banks by their nationals.
For instance, deposits by UK nationals fell from 44 billion Swiss francs in 2015 to 31 billion Swiss francs in 2024.
Chinese deposits also saw a decline, reducing from 5.01 billion Swiss francs to 4.3 billion Swiss francs over the same period.
The neighbouring countries of India, Pakistan and Bangladesh also saw a decline.
Over the past decade, deposits held by Pakistani nationals in Swiss banks have plummeted, falling from 947 million Swiss francs in 2015 to 241 million Swiss francs in 2024, a decline of nearly 75 per cent. A similar pattern is evident among Bangladeshi nationals, whose deposits dropped from 48 million Swiss francs in 2015 to 12.6 million Swiss francs in 2024, a reduction of over 73 per cent.
This downward trend extends to other nationalities as well. Saudi Arabian deposits in Swiss banks nearly halved, decreasing from 8.3 billion Swiss francs in 2015 to 4.8 billion Swiss francs in 2024. The most dramatic decline was observed among American nationals, with deposits falling from 64.2 billion Swiss francs in 2015 to 24.4 billion Swiss francs in 2024, a drop of approximately 62 per cent.
STORY CONTINUES BELOW THIS AD

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

India Today

34 minutes ago

• India Today

China holds first trilateral meeting with Pakistan and Bangladesh

China, Bangladesh and Pakistan held their first trilateral meeting at the official level in China's Kunming. The meeting took place on Thursday and was attended by key representatives from all three Vice Foreign Minister Sun Weidong, Bangladeshi Acting Foreign Secretary Ruhul Alam Siddique and Additional Foreign Secretary of Pakistan Imran Ahmed Siddiqui participated in the meeting in person. Pakistani Foreign Secretary Amna Baloch joined the first phase of the discussions via video her remarks, Foreign Secretary Amna Baloch appreciated China for organising the inaugural meeting of the trilateral mechanism. She said, 'The Chinese side has done well in convening the inaugural meeting of the trilateral mechanism.' Noting the shared goals of the three nations, she said, 'There are common aspirations of the three sides for people-centric development.' She added that Pakistan seeks 'deeper engagement between China and South Asian countries'.Baloch also noted the positive momentum in Pakistan-China bilateral relations and said Islamabad was ready to boost cooperation with Islamabad and Dhaka in multiple further said Pakistan was ready to work with China and Bangladesh to enhance ties in trade and investment, agriculture and digital Watch IN THIS STORY#Pakistan#Bangladesh

Time of India

37 minutes ago

• Time of India

India key market for MediaTek; young demographic, growing economy fuel growth: Country MD

India's booming technology sector and the young, tech-savvy population are making the country a pivotal market for global semiconductor giant MediaTek , according to company's India MD Anku Jain. India's strong economic growth and favourable demographics are driving rapid adoption of advanced technologies like 5G, smart devices, and AI-powered solutions, he said. "India is a very important market for MediaTek because it is a very huge consumption story,we can see the demographics -- which is a very young population, we can see our economy growing very fast. All these components are making the market very attractive for us," Jain told PTI. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elite Swing Trader Mr. Hemant Shares His Winning Strategy for Free! TradeWise Learn More Undo Beyond smartphones, MediaTek's chipsets power many devices, including smart TVs, tablets, chromebooks, routers, and the smart home segment. Jain noted that the company is now expanding into new verticals such as automotive, recently partnering with JioThings to develop 4G smart clusters for the two-wheeler EV segment, and supplying infotainment systems for cars like Skoda Slavia and Tata Punch EV . Live Events The company is also exploring opportunities in satellite communications, with its chipsets poised to support evolving requirements as India's satellite and IoT ecosystem grows. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories As per Counterpoint Research, as of April 2025, MediaTek led India's smartphone chipset market with a 45 per cent share, followed by Qualcomm at 32 per cent. The company established its first R&D centre in India in 2004 and now employs over 1,000 engineers across its Bengaluru and Noida offices. The Taiwanese firm on Friday launched the MediaTek Dimensity 8450, a 5G smartphone chip with eight Arm Cortex-A725 cores and an Arm Mali-G720 MC7 GPU. Jain outlined MediaTek's commitment to further investment in the Indian market and continued expansion of its engineering teams. The company views its Indian R&D centres as extensions of its global operations, enabling it to address multiple technology verticals from within the country. "In the near future, we'll have the number of engineers keep increasing with time because we are coming up with new innovations and the talent pool in India, the engineering strength in India is very, very good for us," he said.

Time of India

37 minutes ago

• Time of India

MakeMyTrip's record raise; Zuck goes talent shopping

MakeMyTrip's record raise; Zuck goes talent shopping Also in the letter: What's the news: The fundraise marks the largest ever by a listed Indian new-age company. On Tuesday, MakeMyTrip disclosed in a regulatory filing that it is raising $3 billion to buy back shares from Group. MakeMyTrip cofounders Deep Kalra and Rajesh Magow currently hold 4.6% of the company's voting rights. Domestic control: Other major raises: Paytm raised $2.5 billion during its IPO in 2021. Through its public issue, Zomato (now Eternal) raised $1.25 billion and followed this with a $1 billion raise via a qualified institutional placement (QIP) in November 2024. Swiggy raised $1.2 billion from the public markets in its public issue in 2024 Ola Electric raised $740 million through its IPO in August last year. Also Read: Elevation Capital sells Ixigo shares worth Rs 97.4 crore; Schroder buys stake Numbers game: Elevation Capital has sold 53.9 lakh shares for Rs 97.4 crore, pricing them at Rs 180 apiece. In parallel, global investor Schroder International Selection Fund picked up shares worth Rs 96.9 crore in the company. This comes after Elevation sold 21.5 lakh shares in Ixigo for Rs 38.27 crore in May. As of March 31, Elevation held a 14% stake in Ixigo. That has now come down to 12%. The early-stage investor had originally put in Rs 63.1 crore across multiple tranches. Mark Zuckerberg made abortive attempt to buy ex-OpenAI executive Ilya Sutskever's AI startup: Report Driving the news: High-stakes game: Zuckerberg is spearheading an ambitious effort to build a 'superintelligence' team focused on developing artificial general intelligence (AGI), the elusive frontier where AI not only matches but surpasses human capabilities. Inside Meta, there is growing frustration with the sluggish progress of its current efforts, particularly the limitations of the Llama 4 models. Eager not to be left behind, Zuckerberg is setting his sights on outpacing OpenAI and Google in the AGI race. Tell me more: Also Read: Swiggy pilots travel and lifestyle concierge app Crew Details: What's the significance: Background: Krutrim eyes AI growth with BharatSah'AI'yak acquisition Tell me more: Why it matters? Also Read: Zoom out: Internal challenges: YouTube Shorts has hit 200 billion daily views: CEO Neal Mohan Numberwise: More details: At the 2025 Cannes Lions Festival, Mohan added that people now watch over 1 billion hours of YouTube on their TVs every day. In May, YouTube was the most-watched streaming platform in the US for the fourth consecutive month, topping Nielsen's The Gauge report. Future outlook: Also Read: MakeMyTrip has raised $3.1 billion in the largest fundraise by a listed Indian new-age company. This and more in today's ETtech Top 5.■ Swiggy's latest pilot■ Krutrim's latest acquisition■ YouTube Shorts' monster growthMakeMyTrip raises $3.1 billion in landmark deal; to slash Chinese firm stake to 20%Online travel platform MakeMyTrip has raised $3.1 billion through a mix of equity and debt, its banker, Morgan Stanley, confirmed on faced criticism last month over its sizable Chinese shareholding, after EaseMyTrip founder Nishant Pitti accused the platform of risking the travel data of Indian Army personnel. Following this buyback, stake will fall from 45% to around 20%. Its board representation will also shrink from five directors to Bajpai (R), MD and group CEO, Ixigo, and Rajnish Kumar (L), co-CEO, IxigoVenture fund Elevation Capital has offloaded shares of Le Travenues Technology, the parent company of travel platform Ixigo, for a second time in a month, pocketing a 25x return on its Zuckerberg, CEO, MetaMeta's $14.2 billion recent investment in Scale AI, and roping in its CEO Alexandr Wang, appears to be just the beginning. Mark Zuckerberg seems to be on a man on a mission : to recruit top AI talent, and reports suggest he made a move for one of the sector's most-talked-about to CNBC, Zuckerberg tried to acquire Safe Superintelligence, the $32 billion startup founded by former OpenAI cofounder Ilya Sutskever. The talks didn't go far, with Sutskever reportedly turning him down. Meta then shifted focus to poaching CEO Daniel Gross for its AI Meta CEO is assembling a handpicked team of 50 researchers, including a new head of AI, and has held private meetings with potential hires at his homes. Alongside Gross, Meta is also bringing in former GitHub CEO Nat Friedman to under Altman recently stated on a podcast that Zuckerberg has offered $100 million bonuses to attract talent, but so far, with little has ventured into a new category with the pilot launch of its travel and lifestyle concierge app, app blends human concierges with generative AI to help users plan trips, offering more than just itinerary year, ahead of its IPO, Swiggy tested a similar service, Rare Life, a personalised concierge service for exclusive experiences. That experiment was short-lived, as the company decided to focus on broader lifestyle offerings is part of Swiggy's latest push beyond food delivery, dining out, and quick commerce. In January, it launched Pyng, a professional services marketplace This signals a departure from Swiggy's earlier 'superapp' strategy. Instead of integrating all services under one platform, Swiggy has started offering standalone apps. Instamart, its quick commerce unit, got a dedicated app earlier this May, the company shut down its parcel delivery service, Genie , opting instead to focus on Bolt, its rapid food delivery feature now available in 500 cities. As food delivery growth tapers off, Swiggy and rival Zomato are betting on 10-minute orders to regain Aggarwal, founder, KrutrimOla's AI division, Krutrim, has acquired BharatSah'AI'yak , an AI platform developed by governance consultancy move comes as Krutrim seeks to expand its presence in government-led digital initiatives through its proprietary AI stack. As part of the agreement, Krutrim has also onboarded Samagra's core AI has been employed in projects spanning education, agriculture, and citizen services. It will now be integrated with Krutrim's in-house large language models (LLMs), cloud infrastructure, and agentic AI assistant platform, February, Ola founder Bhavish Aggarwal announced an investment of Rs 2,000 crore in Krutrim , with plans to increase it to Rs 10,000 crore by next has recently faced internal turbulence , including several senior-level departures and criticism following the alleged suicide of an employee, with claims of a toxic work Mohan, CEO, YouTubeYouTube Shorts now commands around 200 billion daily views , according to CEO Neal marks a dramatic leap from March 2024, when YouTube said Shorts was attracting around 70 billion daily views. In just one year, daily viewership has surged by nearly 186%.As Shorts continues to gain traction, YouTube plans to strengthen support for creators by rolling out more tools. Mohan announced that Veo 3, the latest version of Google DeepMind's video generation model, will launch on the platform later this summer.