Cash vaults, which are huge in size unlike the typical bank lockers in India and can contain not just cash but also gold, data, paintings and sculptures, are big business in Switzerland and are not just limited to banks, with several stand-alone entities offering these services.
What they want is now to expand their operations to India — by offering their Swiss vaults to HNIs from India and also by roping in 'strategic partners' to set up similar vaults here, some of the Indians approached by them said.
The Davos meet also saw a number of entities and individuals associated with several cryptocurrencies present in the city — some were registered for the meet, but most of them remained outside the official programmes to pitch these 'safe' and new-age products.
Again, several Indians were approached not just for investing in these currencies, but to join as partners. Those pitching the two 'safe havens' included several non-resident Indians, as also those from Russia, Germany and China.
