Three Kerala companies have more gold than Sweden, Singapore, Australia!

December 14, 2014

Kerala companiesKochi, Dec 14: Three gold loan companies in Kerala have more precious metal in their vaults than the gold reserves of some of the richest nations. Muthoot Finance, Manappuram Financeand Muthoot Fincorp jointly hold nearly 200 tonnes of gold jewellery, which is higher than the gold reserves of Singapore, Sweden or Australia.

India accounts for approximately 30% of the global demand for gold, a true-and-tested source of insurance for millions of families that have little access to other forms of social security. What is true for India is even more so for Kerala, where 2 lakh people are employed in the gold industry. The metal's fungibility makes it an ideal collateral for over-the-counter loans.

Muthoot Finance holds 116 tonnes of gold as security for its loans, Manappuram Finance has 40 tonnes and Muthoot Fincorp, 39 tonnes. The trio's combined holdings are 195 tonnes. To put things in global perspective, Singapore's gold reserves are 127 tonnes, Sweden's 126 tonnes, South Africa's 125 tonnes and Mexico's 123 tonnes.

Muthoot Finance, the largest of Kerala's gold loan companies, holds more yellow metal in its vaults than the reserves of Greece (112.4 tonnes), Australia (79.9 tonnes), Kuwait (79 tonnes), Denmark (66.5 tonnes) and Finland (49.1 tonnes).

India, according to the World Gold Council, has the 11th largest gold reserves, with 558 tonnes. The US heads the pack with 8,134 tonnes, while Germany and IMF come next (3,384 and 2,814 tonnes, respectively).

"Historically, Malayalis have excelled in financial services as an ethnic group. The size of these companies reflects their innovative skills. Gold loan business also reflects Malayalis' hunger for gold and the strong dowry system which feeds gold and gold loans," said CJ George, founder and managing director of stock broking firm Geojit BNP Paribas.

It was even better a couple of years ago. Muthoot Fincorp, which has a gold loan portfolio of Rs 8,550 crore, then had 41 tonnes of gold in its vaults. "Then, two things happened ” gold prices declined and banks became aggressive in gold loans. As gold prices declined, our business also came down slightly, reflecting on our gold holdings," said Thomas John Muthoot, chairman and managing director of Muthoot Fincorp.

Muthoot Finance is the largest gold loan NBFC with a reach of over 4,265 branches across 21 states and four Union territories. Its gold loan portfolio is Rs 21,800 crore. Manappuram Finance has 3,200 branches nationwide and 20,000 employees, with a gold loan portfolio of Rs 9,000 crore.

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News Network
July 10,2020

Bengaluru, July 10: The Karnataka government has decided to hold examinations only for the final semester students of undergraduate (UG) and postgraduate (PG) in various universities of state and promote other semester students to the next level without holding any examination.

The decision was taken to safeguarding the students' interest as well as academic career of lakhs of students during the time of Covid-19 pandemic. The significant move by the Higher Education department was announced by Deputy Chief Minister Dr CN Ashwath Narayan who is also the minister for Higher Education.

The DCM announced that the examination for final semester UG and PG students will be conducted as per the guidelines issued by the University Grants Commission (UGC) by the end of September 2020.

As per the latest decision, all students who are either at the beginning or middle semester of their UG and PG courses will be promoted to next semester without any examination. The state government further made it clear that the latest decision would only be applicable for this academic year--2019-20.

The students will be promoted to the next semesters based on academic performances during the previous assessment.

Giving details of the decision, Dr CN Ashwath Narayan told media persons that the decision was taken in the interest of the students. "Keeping in mind the safety of students during Covid-19 pandemic times, the government has taken the decision. We have also discussed with education experts, former Vice Chancellors before arriving at this decision," he said.

The DCM also revealed that Governor Vajubhai Vala who is the Chancellor of all the universities has also given his consent for the decision. Students can call up on the department helpline 080-22341394 for any academic queries.

How will students be promoted?

The students who are pursuing UG and PG courses at mid semester levels will be evaluated internally based on their academic performance along with the marks scored during the previous semester or year.

"Based on this comprehensive evaluation, we will promote the students to next semester. But for the first semester students, they will be promoted entirely based on internal evaluation on academic performance," the Deputy Chief Minister explained.

In case if the students wish to improve their marks further, they can take the exams separately later. This apart, students with backlog subjects have also been allowed to carry those subjects further into the next semester subject to only the present academic year.

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News Network
July 21,2020

Bengaluru, Jul 21: The total number of Covid-19 cases in Karnataka breached the 70,000 mark on Tuesday as the state reported 3,649 fresh infections, while 61 fatalities took the death toll to 1,464, the health department said.

The day also saw 1,664 patients getting discharged after recovery. Out of 3,649 fresh cases reported on Tuesday, a whopping 1,714 were from Bengaluru urban alone. As of July 21 evening, cumulatively 71,069 Covid-19 cases have been confirmed in Karnataka, which includes 1,464 deaths and 25,459 discharges, the health department said in its bulletin.

It said that out of the 44,140 active cases, 43,557 patients are in isolation at designated hospitals and are stable, while 583 are in Intensive Care Units.

Twenty-two out of 61 deaths reported on Tuesday are from Bengaluru urban, followed by five each from Dakshina Kannada, Mysuru and Dharwad, four each from Kolar and Belagavi, three each from Hassan, Tumakuru and Haveri, Bidar 2, and one each from Chikkaballapura, Chikkamagaluru, Chamarajanagara, Gadag and Vijayapura.

Most of the deceased either had a history of Severe Acute Respiratory Infection (SARI) or Influenza-like illness (ILI). Out of 3,649 cases tested positive on Tuesday, contacts of the large number of the cases are still under tracing.

Among the districts where new cases were reported, Bengaluru urban accounted for 1,714, Ballari 193, Dakshina Kannada 149, Mysuru 135, Yadgir 117, Uttara Kannada 109, Hassan 107, Kolar 103, followed by others.

Bengaluru urban district topped the list of positive cases, with 34,943 infections, followed by Dakshina Kannada 3,829 and Kalaburagi 2,966. Among discharges Bengaluru urban was on top with 7,476 discharges, followed by Kalabuagi 1,834 and Udupi 1,731.

A total of 10,64,734 samples were tested so far, out of which 43,904 were tested on Tuesday alone, the bulletin said. It said that 19,328 of the 43,904 samples tested today were rapid antigen tests.

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News Network
May 14,2020

Bengaluru, May 14: Reformed underworld don Muthappa Rai, who was battling cancer for the past year, was said to be in a critical condition at Manipal Hospital in Bengaluru, late Wednesday night. Doctors said he was on life-support at the time of going to press. Rai (68), realtor, entrepreneur and founder of pro-Kannada organisation Jaya Karnataka, had retired from public life after he was diagnosed with cancer. He was part of an ongoing investigation into gangster Ravi Pujari, who was extradited from Senegal recently.

Born in Puttur into a Bunt family, he started out as a bank employee in Bengaluru, and later ran a live band restaurant. In 1994, he was shot in a Bengaluru court by a man dressed as a lawyer, after which he was bedridden for a couple of years.

Rai Moved to Dubai in 1996. He was deported from the UAE to India in 2002, and was arrested in Bengaluru when HT Sangliana was the police commissioner. Both Rai and Pujari had allegedly been associated with underworld don Dawood Ibrahim.

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