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

[email protected] (TNN)
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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coastaldigest.com news network
August 3,2020

Koppal, Aug 3: The activists of Popular Front of India (PFI) have won the heart of the people by performing the last rites of a local leader of Bharatiya Janata Party in Koppla district of Karnataka. 

Somashekhara Gowda, a senior BJP leader in Koppal’s Gangavathi died of covid-19. His family members were reportedly quarantined. His own party activists also were not ready to participate in the last rite due to the fear of coronavirus infection.

Following requests, a team of PFI comprised of district secretary Fayaz, and members Yaseen, Abdul Aalam, Shamid Razi and Husain Azarauddin performed the last rites as per Veerashaiva Lingayat traditions. 

Speaking to media persons PFI district president Zaheer Abbas lamented that people still have plenty of misconceptions about covid-19. “Due to the misconceptions, performing the last rites of those who die of covid-19 has become a challenge,” he said.

He said that PFI activists followed all the health guidelines and took necessary precautions while performing the last rites. “Under the guidance of district health officials and with the consent of the family members of the deceased, the last rites were performed as per Veerashaiva Lingayat traditions,” he said.

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News Network
March 9,2020

Kalaburagi, Mar 9: As the International Women's Day was celebrated all across the globe, the Department of Post inaugurated the first-ever all-women-employees operating post office here in Kalaburagi.

"Today, we have declared the Jagat Post Office under the Kalaburagi district as women's post office. From today onwards, women staff is going to work here exclusively," CG Kamble, Assistant Superintendent, Post Office, told media.

One of the employees of the post office inaugurated on Monday said: "We are happy that we can work freely as all the employees here are women. Similarly, the government must also take steps to identify one of the offices in the state as only women employees' office."

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News Network
July 28,2020

Bengaluru, Jul 28: In view of the COVID-19 pandemic, the Bruhat Bengaluru Mahanagara Palike (BBMP) on Monday advised people not to visit temples, mosques and other places of worship during the coming festival season.

"COVID-19 is now spreading rapidly in Karnataka, especially in Bengaluru. The festival season is starting with Varamahalakshmi festival on July 31, followed by Bakrid, Raksha Bandhan, Janmashtami, Gowri Ganesha, Moharram and then Onam. This festival season is the riskiest time for the spread of the coronavirus. Therefore, please STRICTLY follow the rules in order to stay safe. Do not visit religious places even if they are officially declared open," a notification from BBMP said.

In the context of Bakrid, unauthorised animal sacrifice (slaughtering) was prohibited in BBMP limits on roads and sidewalks, religious places, school and college premises, playgrounds and other public areas, as per the Karnataka Municipal Corporation Act of 1976.

"Unauthorised animal sacrifice (slaughtering) is a punishable offence under Section 3 of the Karnataka Prevention of Animal Sacrifices Act 1959 and Rules and the Amendment Act 1975, which provides for a maximum penalty of six months or Rs 1000, or both. According to the Karnataka Prevention of Animal Sacrifices Act 1959, slaughter-worthy animals can only be slaughtered in official slaughterhouses," the notification said.

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