Rise in Indian deposits in Swiss bank, Ministry of Finance sought information from authorities in Switzerland

News Desk: Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over ₹20,700 crore) in 2020.

It comes on the back of a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland’s central bank showed on Thursday.

The increase in aggregate funds of Indian clients with Swiss banks, from 899 million Swiss francs ( ₹6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years.  

The news if anything, has given desis a reason to make merry with hilarious memes. Some are even reminding Prime Minister Narendra Modi of the ‘Rs 15 lakh in every back account’ promise he made in 2014.

People aren’t ready to let Modi forget his promise. If not the money, memes will do for now.

The Ministry of Finance said that it has sought information from authorities in Switzerland.