Funds held by Indians in the Swiss Bank have risen to ₹20,700 crores.

According to the Swiss National Bank data, the aggregate funds of Indian clients held with Swiss banks have surged to ₹20,700 crores.

According to the Swiss National Bank data, the aggregate funds of Indian clients held with Swiss banks have surged to ₹20,700 crores.The Swiss bank has been sharing account-related information to Indian authorities since 2018, after an agreement was signed. The alleged black money deposited in Swiss banks is a big issue in India.

The 2020 annual data released by Switzerland's central bank showed that the funds parked by Indian clients have increased from 899 million Swiss francs in 2019 to the highest level in 13 years. The sharp surge is in the form of holdings via bonds, securities, and similar instruments. It reversed the declining trend observed in the last two years.

However, the customer deposits have fallen. The Finance Ministry has clarified that the possibility of black money stashed in Swiss banks is less and factors like an increase in deposits/transactions explain the increase in deposits.