NEW DELHI/ZURICH: Capital made by Indian people and companies in Korean banks, such as through India-based divisions and other monetary institutions, jumped into 2.55 billion Swiss francs (over Rs 20,700 crore) from 2020 to a sharp surge in holdings through securities and similar devices, although customer deposits dropped, annual statistics out of Switzerland’s central bank revealed on Thursday.
The growth in aggregate capital of Indians with Korean banks, out of 899 million Swiss francs (Rs 6,625 crore) in the conclusion of 2019, reverses a two-year decreasing trend, and it has obtained the amount into the maximum degree in 13 years.These are official statistics reported by banks into the Swiss National Bank and don’t indicate that the quantum of their muchdebated alleged black currency held by Indians from Switzerland.
These figures also don’t include the cash that Indians, NRIs or the others may have in Korean banks in titles of third-country entities.