Swiss National Bank News

Aggregate funds of all foreign clients of Swiss banks also fell by over 4 per cent to CHF 1.4 trillion (nearly Rs 99 lakh crore) in 2018, as per the annual banking statistics released by the Zurich-based central banking authority of Switzerland.

The use and disclosure of the information received is governed by the confidentiality provisions of the India-Switzerland tax treaty.

Only only one Swiss bank -- Credit Suisse -- has a branch in India, while two others -- UBS and Zurcher Kantonal Bank -- are present in the country through one representative office each, as per the RBI data updated till January 31, 2018.

Goyal told Rajya Sabha that loans and deposits of individual Indians in the bank decreased by 34.5 percent in the last year compared to the previous year.

Amazon has been one of the companies powering the sector this year, with a 40 percent rise up until Thursday. 

India has slipped to 88th place in terms of money parked by its citizens with Swiss banks, while the UK remains on the top.

Money parked by Indians in Switzerland's banks nearly halved to 676 Swiss francs (about Rs 4,500 crore) in 2016 to hit a record low amid a continuing clampdown on the suspected black money stashed behind their famed secrecy walls.

Banks in Switzerland saw their profits nearly halve to CHF 7.9 billion (over Rs 53,000 crore) in 2016 amid continuing global pressure on their famed secrecy walls.

The Swiss central bank sought on Monday to allay fears among citizens that bank notes could eventually be phased out as a result of global money-laundering rules or the rise of alternative payment systems.

The decision to scrap the limit sent the franc -- a refuge currency -- soaring in value against major currencies and unleashed turbulence on global markets.

Under glare for being an alleged safe haven for illicit funds from across the world, Swiss banks saw their profits rise during 2014 to close to 19.5 billion Swiss francs even as their staff count declined in the year.

Under glare for being an alleged safe haven for illicit funds from across the world, Swiss banks saw their profits rise during 2014 to close to 19.5 billion Swiss francs even as their staff count declined in the year.

The Swiss central bank said Thursday it had posted loss of 30 billion francs in the first quarter due to a jump in the franc`s value which led to huge exchange rate-related losses.

The Swiss National Bank (SNB) spent 25.8 billion Swiss francs ($26.91 billion) defending the currency late last year before abandoning its peg as too costly for the country`s economy, it said on Thursday.

Six weeks after a fateful decision that blasted its currency skywards, Switzerland`s central bank is coming under intense scrutiny, with critics calling for changes to its insular policy practices and century-old ownership structure.

Board members of Credit Suisse are taking a 25 percent pay cut and bonuses for top staff are being slashed after a hefty fine from U.S. authorities, the bank said as it also set out a range of measures to tackle the surge in the Swiss franc.

Switzerland`s central bank on Saturday stood by its shock decision to let the franc soar, insisting the subsequent turbulence rocking global markets and the Swiss economy since the move would eventually subside.

MSCI`s broadest index of Asia-Pacific shares outside Japan edged down about 0.1 percent in early trade.

In a shock announcement Thursday, Switzerland`s central bank said it was ending a three-year bid to artificially hold down the value of the Swiss franc against the euro, in a move that immediately sent the safe haven currency soaring.

The Swiss National Bank on Thursday said it would introduce a negative exchange rate of -0.25 percent on sight deposit account balances at the central bank as it seeks to deter safe-haven buying.