HSBC India customer accounts sees over $500-mn plungehttps://indianexpress.com/article/news-archive/web/hsbc-india-customer-accounts-sees-over-500mn-plunge/

HSBC India customer accounts sees over $500-mn plunge

HSBC has seen its first-half profit from India business falling to $414 million in 2013

HSBC has seen its first-half profit from India business falling to $414 million in 2013,amid a decline of over $500 million in customer accounts since the beginning of this year.

According to the bank’s interim financial report,its customer accounts balance in India fell to $9.85 billion as on June 30,from $10.41 billion at the beginning of 2013. While the bank did not specify any reason for the decline in customer accounts,it said that the profits from India fell to $414 million in the first half of 2013,from $515 million in the same period last year. The bank also said it is cooperating with the US with respect to a probe into suspected violations of tax laws involving US-based clients of an HSBC company in India.

“In April 2011,HSBC Bank US received a summons from the US Internal Revenue Service directing HSBC Bank USA to produce records with respect to US-based clients of an HSBC company in India.