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 3,2020

Bengaluru, Apr 3: Four people, including three who attended the Tablighi Jamat meet in Delhi, tested positive for coronavirus on Friday, taking the total number of the affected in the state to 128, the Health department said here.

The three men from Belagavi had attended the Tablighi- Jamaat congregation from March 13 to 18 at Delhi, while the other case was that of a 75-year-old man, who is a resident of Bagalkote.

A detailed investigation was underway to ascertain how he got infected, the department said in a bulletin.

It said that till date, 128 COVID-19 positive cases have been confirmed in the state, including three deaths and 11 discharges.

"With 128 cases we are in ninth position in the country in number of cases.Today four new cases were confirmed, of which three were those who attended Tablighi-Jamaat congregation," Primary and Secondary Education Minister Suresh Kumar told reporters, giving details about the bulletin.

He said 187 of the total of 288 samples collected from those who attended the congregation had tested negative and only 13 had turned positive so far.

"Out of 288 samples collected, we have got report for only 200 cases and are awaiting reports for 88," he added.

Though Kumar did not give any figures on the total number of people who went from Karnataka to attend theDelhi meet, the health department on Thursday had said nearly 1,000 people (including 19 foreigners) linked to Tablighi Jamat had been screened and swab samples of more than 200 people had been collected, while efforts are on to find out others.

Chief Minister B S Yediyurappa on Friday held a meeting with Muslim leaders and MLAs even as the government stepped up efforts to track those who might have travelled to the state after taking part in the meet in Delhi last month, which has turned out to be the hotbed of COVID-19 spread in the country.

After the meeting, the Chief Minister said Muslim MLAs agreed to provide details of those who attended the Jamaat's congregation to the government and also convince them to undergo COVID-19 tests, along with quarantining themselves.

Out of total of 114 active cases in the state so far, 111 patients (including 1 pregnant woman) are in isolation at designated hospitals and are stable, while three are in ICU (one on oxygen and two on Ventilators).

Seven of the 128 cases detected and confirmed were transit passengers of Kerala, who landed at airports in Karnataka and are being treated in the state.

Among the 128 positive cases, 51 were reported from Bengaluru, 21 from Mysuru, 10 from Bidar, nine from Dakshina Kannada, eight from Uttara Kannada, seven from Chikkaballapur, five from Kalaburgai, four from Ballari, three each from Davangere, Belagavi and Udupi, and one each from Kodagu, Tumakuru, Bagalkote and Dharwad.

Those discharged include nine patients from Bengaluru and two from Kalaburagi and among the deceased are one each are reported from Kalaburgari, Bengaluru and Tumakuru.

The Chief Minister held a series of meetings to review the measures taken to control the spread of COVID-19 and implementation of lockdown in the state.

He asked the labour department to deposit an additional Rs 1,000 from the Construction Workers Welfare Fund to the accounts of 15 lakh labourers in the sector.

The government has already deposited Rs 1000 to their accounts (amounting about Rs 150 crore) in the first round.

During the meeting the shortage of Personal Protective Equipment (PPE) Kits for Doctors and health care professionals was discussed.

"Work order has been issued for 1 lakh PPE kits, and the Chief Minister has issued directions for the supply of 2 lakh more PPE kits," Kumar said.

Yediyurappa also chaired a meeting with Ministers from Bengaluru on steps to be taken to control spread of COVID-19, as the city has more than half the confirmed cases in the state.

He also decided to covene a meeting of city legislators in this regard on Saturday morning.

Kumar said it was also decided not to provide food free of cost at the state run Indira Canteens as concerns were raised about the quality and misuse that was happening during the Chief Minister's meeting with ministers today.

"We have decided to stop free food supply...we are providing foodgrains to poor through ration already," he said.

However, the Canteens will continue to provide subsidized food- breakfast at Rs 5 and lunch and dinner at Rs 10.

The government last month had decided that Indira Canteens would provide food packets free of cost to the poor and needy in the wake of the lockdown.

Meanwhile, in view of COVID-19, emergency Additional Chief Secretary, H&FW Department ordered extension ofservices of Medical and Para-medical staff, Clinical and Nonclinical staff retiring in April and May this year, to June 30.

Amid reports of lack of co-ordination between Medical Education Minister K Sudhakar and Health and Family Welfare Minister B Sriramulu, Chief Minister Yediyurappa has tasked Suresh Kumar to brief the media on COVID-19 related daily bulletins, official sources said.

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May 6,2020

Mangaluru, May 6: Amidst preparation for the paid evacuation of Indians stuck in Gulf countries amidst coronavirus lockdown, the central government has announced that it would only do a medical screening of the passengers before the flight and only asymptomatic persons would be allowed to travel.

Each passenger will have to fill a self-reporting form to be presented at the health and immigration counter at their destination.

The passengers are required to state whether they are suffering from fever, cough, diabetes or any respiratory disease. This form is similar to the one filled by passengers landing in India during the early days of the COVID-19 outbreak.

As per the announcement by the government, returnees would undergo COVID-19 once they complete 14-day quarantine in a hospital or government –arranged institution on a payment basis.

However, the form asks the applicants to keep themselves isolated at home for 28 days unless they develop any symptoms such as fever and cough.

During the journey, they will have to follow the protocols such as those issued by the Health Ministry and the Civil Aviation Ministry. Applicants from the UAE are yet to receive instructions on these.

On reaching the destination, passengers will have to register on the Arogya Setu app, India’s mobile application for COVID-19 surveillance.

No physical distancing!

Air India Express (AIE) which is set to operate the first two flights to Kerala on Thursday will operate its Boeing 737-800 flights, with a seating capacity of 186 economy class seats.

With nine seats reserved for isolation, only 177 passengers would be flown, sources said.

While most of the UAE flights in the first week will be operated by the AIE, Air India will operate two of its Dreamliner aircraft with a seating capacity of 256 seats. These flights would also reserve some seats for isolation.

However, the plan has made it clear that the Indian government will not be following the rules of physical distancing to prevent the spread of coronavirus in the repatriation flights.

Several people, including the Chief Minister of Kerala Pinarayi Vijayan, expressed concern over flying passengers, who will not be tested for COVID-19, without observing physical distancing.

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News Network
January 28,2020

Mysuru, Jan 28: The Second Additional District and Sessions Court on Monday granted anticipatory bail to B Nalini, who displayed the ‘Free Kashmir’ placard during a protest, and also to Maridevaiah, the organiser of the protest.

Nalini and Maridevaiah had applied for bail as Jayalakshmipuram police had booked them under sedition charges. Nalini had displayed the placard during a protest at Manasagangotri, the University of Mysore campus, recently. The court, which took up the case on January 24, had kept the order pending.

The court directed the accused to submit their passport to the court and a bond for a sum of Rs 50,000. The court also directed them to be present before the police, whenever needed.

Meanwhile, the Mysuru Bar Association has decided to take measures against the association members who are in favour of Nalini. Seventy-five members, seeking to represent Nalini, have withdrawn their support, the association secretary B Shivanna said. The association has suspended advocates Manjula Manasa and P P Baburaj.

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