Is South Korea the new safe haven for Indian Swiss bank account holders?

The South Korean cryptocurrency craze might have induced Indians to shift money from traditional havens

With Switzerland gearing up to share with India the information of Indian bank account holders, there seems to have been a massive exodus of Indian money to South Korea in the past year. Bank of International Standards (BIS) data show a 900 per cent spike in non-bank deposits in South Korean banks during 2018. 

Non-bank deposits include corporate and individual deposits and exclude inter-bank transactions. These were the same deposits that were quoted by former finance minister Piyush Goyal in 2018 to defend the Narendra Modi government over Indians’ rising deposits in Swiss banks. 

BIS data show that non-bank loans