Under Modi’s govt, Indians’ money in Swiss banks fell 80%

New Delhi: Indian deposits in Swiss banks fell by 34.5% in 2017 and by 80% since the Narendra Modi government came to power in 2014, interim finance minister Piyush Goyal said on Tuesday, citing data from the global body of central banks, the Bank for International Settlements (BIS).

He rebutted reports last month, which quoted the Swiss National Bank (SNB), the country’s central bank, as saying in its annual report that Indian deposits had risen by 50% to CHF 1.01 billion (Rs7,000 crore) in 2017, after falling for three consecutive years. He told Rajya Sabha during question hour that he discussed the issue with Swiss authorities, who told him in a written reply that media reports “have not taken account of the way the (SNB) figures have to be interpreted”.

Swiss bank issues clarification

  • 50%: The SNB, in its annual banking statistics on the 2017 banking year issued on June 28, had said there was a 50% rise in liabilities towards Indian clients.
  • 44%: However, pointing to an error in calculation, the bank said the Indian money parked in these accounts had come down by 44%.
  • Total deposits of Indian customers: The SNB said the figures that showed an increase of 50% ‘are for total deposits of Indian customers at Swiss banks.