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
April 27,2020

Belgaum, Apr 27: A CRPF COBRA commando was thrashed and dragged to police station barefoot by police allegedly for violating lockdown norms here in Belgavi district.

Sachin Savant, the CRPF commando of 207 COBRA was arrested by police personnel of Sadalga Police Station on April 23 on the alleged charges of violating lockdown norms and assaulting/deterring public servant from discharging his duty. The incident took place when the commando was cleaning his motorcycle in front of his house at Examba.

Images of the jawan being tied up in chains and the video of the incident have created furore on social media.

Calling it an "unfortunate incident", CRPF Additional Director General (Operations) Sanjay Arora wrote to Karnataka DGP Praveen Sood.

"In an unfortunate incident, Ct Sachin Savant of 207 COBRA was arrested by police personnel of Sadalga Police Station, Distt Belagavi, on Apr 23, on the alleged charges of violating lockdown norms and assaulting/deterring public servant from discharging his duty. The individual was on extended leave and cleaning his motorcycle in front of his house, at Examba, when the incident took place," Arora said in a letter to DGP.

In the video of the incident, the commando is seen standing near a bike, while multiple police personnel indulge in a verbal spat with him. A police personnel can be seen repeatedly pushing and shoving the jawan. The commando retaliates after he was attacked with a lathi by the police.

"Reportedly, a skirmish had taken place between the COBRA commando and the Beat police personnel over wearing of a mask, following which he was manhandled and ill-treated, before his family members, and paraded to the police station barefoot, where he was kept in chains and handcuff," CRPF ADG said.

He said the viral video shows that police personnel's conduct was not "citizen-centric".
Stressing that this "unpleasant situation" could have been avoided, if the Karnataka police had taken CRPF hierarchy into confidence before making the arrest, he said: "CRPF is a very reputed force, with high standards of discipline, and we have the institutionalized mechanism for taking care of such situations."
Arora asked that Karnataka DGP to get the matter inquired and provide justice.

Meanwhile, CRPF spokesperson M Dhinakaran said the bail plea of the commando will be taken up in the court on Tuesday.

"We have taken up the case with State Police Chief of Karnataka. On Tuesday, his bail plea case is coming before the court. The CRPF will be in court through a local officer. Thereafter, an investigation into the matter shall be followed up to take it to the logical conclusion," said Dhinakaran.

Giving clarification on the matter, Belgavi Superintendent of Police told media that the CRPF jawan was found roaming with friends, who ran away on seeing police. However, the jawan was caught without a mask.

"The jawan was standing without wearing a mask. When policemen on duty asked him why he is not wearing a mask, he started arguing asking them who are you to ask and I am from CRPF, thereby violating the orders promulgated by DC," he said.

The SP also claimed that the jawan lost his cool and kicked the stomach of one of the constables.

"The jawan held the collar of the police constable and started pushing him aggressively. Another head constable, who is old, came to the rescue of his fellow colleague. Later the jawan was taken to the police station and a case was registered under various sections of IPC and Section 3 of Epidemic Disease Act against him," he said.

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News Network
April 19,2020

Bengaluru, Apr 19: Former Karnataka Chief Minister H D Kumaraswamy on Sunday thanked Chief Minister B S Yediyurappa for backing his family regarding his son Nikhil s wedding, which drew flak for allegedly violating lockdown norms.

Asserting that social distancing was maintained during the wedding, the JD(S) leader in a series of tweets hit out at those accusing his family of violating lockdown norms, by stating that they were doing it out of "political hate".

"Despite maintaining social distancing and following rules during Nikhil's marriage, there are discussion that norms were not followed.

Because of political hate, poisonous comments are being made about an auspicious event, but Chief Minister B S Yediyurappa by rejecting all this is standing by the truth," Kumaraswamy said in a tweet in Kannada.

He said, "heartfelt thanks to Yediyurappa for his statement that a big political family in the state has conducted the marriage ceremony in a simple way."

Nikhil, the grandson of former prime minister H D Deve Gowda, entered wedlock on Friday at a Bidadi farmhouse with Revathi, the grandniece of former Congress minister M Krishnappa.

On the day of the marriage several posts on social media, also media reports had criticised the Gowda family for violating locdown norms and social distancing during the event.

Coming to the defence of Gowda family, Yediyurappa in response to a question on Saturday told reporters "They (family) had all the permissions and the event was held in a simple fashion. There's no need to discuss this.

"Despite having many relatives, they stuck to the limitations. For this, I congratulate them," he had said.

Stating that lockdown rules were followed during Nikhil's marriage, Kumaraswamy said, "By looking for politics in Nikhil's marriage, certain faulty minds on social media are spewing venom that is in their mind."

Gowda family had scaled down Nikhil's wedding, which was earlier planned in a 95-acre land near Ramanagara with a lavish set, with lakhs of party workers and well-wishers in attendance, followed by a grand reception in Bengaluru.

Nikhil has acted in couple of Kannada films in the lead role.

He had contested the 2019 Lok Sabha polls from the party bastion of Mandya and had lost against multilingual actress Sumalatha Ambareesh, an independent candidate supported by BJP, in a bitterly contested polls.

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News Network
July 10,2020

Mysuru, Jul 9: The renowned Mysore Palace has been closed on Thursday after a relative of an employee at the palace was tested COVID-19 positive, an official said.

The palace has been closed for the visitors in the view of rising COVID-19 cases. Authorities have decided to re-open the palace on Monday.

Earlier the Palace was closed for tourists for a week from March 15 to 22, in the wake of the coronavirus outbreak, Mysore Palace committee said.

According to the Union Health Ministry, Karnataka has reported 28,877 COVID-19 positive cases including 16,531 active, 11,876 cured/discharged/migrated while 470 succumbed to the virus.

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