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
January 21,2020

Kalaburagi, Jan 21: A team of bomb disposal squad along with sniffer dog visited Kalaburagi Railway Station on Tuesday morning.

In the wake of the bomb found at Mangalore Airport on Monday morning, the team visited the railway station as a precautionary measure.

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News Network
April 24,2020

Wayanad/Thiruvananthapuram, Apr 24: Amid the strict lockdown, a school teacher travelled from Thiruvananthapuram to Muthanga in Wayanad -- a distance of about 465 km -- on her way to neighbouring Karnataka en route to Delhi following which cases have been registered against her and an excise official.

The woman, Kamna Sharma, said to be working in Kendriya Vidyalaya, Pattom, undertook the journey on April 21 along with her two year-old daughter, police sources told news agency PTI.

An Excise Circle Inspector, Shahjahan, had provided his vehicle to travel allegedly on the instructions of Malappuram excise officer, in whose private vehicle, the woman and the child had reached Wayanad border from Thiruvananthapuram, the sources said.

The two were charged under the Kerala Epidemic Act and various sections of the IPC including sect 269 (negligent act likely to spread infection) and 271 (disobedience to quarantine rule).

Because of the lockdown even inter-district travel is not allowed by police and district administration, unless there is an extremely genuine reason.

A senior police official in Thiruvananthapuram said he does not remember issuing any such pass.

The woman may have "misused" government machinery as private vehicles would have been stopped somewhere during the long journey, he said.

She came to Kalpetta in Wayanad allegedly in an official car of the excise department.

Wayanad District police chief R Elango said that an FIR has been filed based on preliminary information and investigations have begun.

"We will check if she has followed procedures in obtaining a pass and if she made any false claim to get the pass."

As per preliminary information the woman came in an excise official's car from Thamarassery (Kozhikode) to Muthunga(Wayanad), he said. Her mode of transport before that--from Thiruvananthapuram to Wayanad--will also be investigated, he said, adding they have no information if she has reached Delhi.

"We will track down her movement," he said Meanwhile, theWayanad district administration has intensified the lockdown protocol from Thursday to prevent people's movement within and from outside the district/state.

Interception at all the check posts on district an state borders of the district, bordering Tamil Nadu and Karnataka, will also be intensified. No one would be allowed to travel frequently to and fro the district under the pretext of official duty.

Wayanad collector Adhila Abdulla said officials from outside the district will no longer be allowed to commute daily.

"Elderly people above the age of 65 should confine to their homes unless it is extremely urgent or unavoidable. Cases will be registered against family members who allow elderly people to go out for buying medicines and other essentials," she said.

Senior citizens, who live alone, can call either the Fire (101) or Police (100) departments for any help and to get things they need, the collector said.

Whatever relaxations were in place have also been withdrawn with effect from Thursday, she added.

Wayanad and Thiruvananthapuram come under the "Orange B" zone where there are some relaxations.

However, Thiruvananthapuram city limits falls under the hotspot area.

Police said a case was also registered against a doctor and her husband who entered Kerala from Tamil Nadu border.

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News Network
February 24,2020

Ahmedabad, Feb 24: US President Donald Trump arrived in Ahmedabad on Monday for the first leg of his India trip.

The Air Force One plane carrying Trump and his wife Melania landed at the Sardar Vallabhbhai Patel international airport here at 11.37 am, officials said.

It was scheduled to land at 11.40 am.

Prime Minister Narendra Modi, who reached Ahmedabad over an hour before Trump did, was present at the airport to welcome the US president at the airport.

In Ahmedabad, Trump will visit Mahatma Gandhi's Sabarmati Ashram, take part in a roadshow with Modi and jointly address over one lakh people at a cricket stadium, before heading for Agra to see the iconic Taj Mahal with Melania.

Trump, who is also accompanied by daughter Ivanka, son-in-law Jared Kushner and top brass of his administration, will get a taste of India's cultural melange during his high- optics Gujarat itinerary, after the bonhomie between the two leaders at the 'Howdy, Modi!' event in Houston last year.

The US president and Modi will participate in a roadshow from the airport to Sabarmti Ashram and from there to the newly-built Motera cricket stadium, where over a lakh people are expected to be present for the 'Namaste Trump' event.

Dance groups and singers from different parts of the country will be performing on stages that are dotting the 22- km route of the 'India roadshow' in the city.

Huge billboards of the two leaders and replicas of historic places in Gujarat have also been placed along the roads where people will greet the two leaders.

Over 10,000 police personnel, besides officials of the United States Secret Service, and personnel of the National Security Guards (NSG) and the Special Protection Group (SPG) have been deployed for the high profile visit.

The seventh US president to visit India, Trump on Sunday retweeted a video in which his face was superimposed on the hit Indian movie-character Bahubali, showing him as a great saviour.

Modi will accompany Trump to the Sabarmati Ashram, which was home to Mahatma Gandhi from 1917-1930 during India's freedom struggle.

Several world leaders including Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe have visited Sabarmati Ashram in recent years.

Ashram secretary Amrut Modi said Trump will spend 15 minutes at the place.

"Trump will visit the 'Hriday Kunj'. If he wishes, he will spin a charkha (spinning wheel). We will also gift him a coffee-table book, and a book containing 150 quotations of Gandhi," the Ashram official said.

Hriday Kunj is a room on the Ashram premises where Mahatma Gandhi and his wife Kasturba Gandhi had lived for 12 years between 1918 and 1930.

The official said the US President would be briefed about Gandhiji and the importance of charkha as a symbol of self-reliance.

There will be a cultural extravaganza at the Motera stadium during the 'Namaste Trump' event, where Trump and Modi will address the gathering.

Bollywood singer Kailash Kher and some Gujarati folk singers will perform at the stadium, officials of the Gujarat Cricket Association said.

Students of various government and private schools have also been roped in to perform at cultural events and they have been practicing for days, an official said.

Billboards with slogans hailing Indo-US relations and having pictures of Trump and Modi walking together, shaking hands, and waving at the crowd during the 'Howdy Modi' event are dotting the city.

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