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 Nerwork
July 4,2020

Bengaluru, Jul 4: Karnataka on Saturday reported its biggest single day spike of 1,839 new COVID-19 cases and 42 related fatalities, taking the total number of infections in the state to 21,549 and the death count to 335, the Health department said.

The day also saw 439 patients getting discharged after recovery; even as 226 patients in the state were undergoing treatment in ICU.

Out of 1,839 fresh cases reported on Saturday, a whopping 1,172 cases were from Bengaluru Urban alone; while 24 of the 42 deaths were from the capital city.

The previous biggest single day spike was recorded on July 3 with 1,694 cases.

As of July 4 evening, cumulatively 21,549 COVID-19 positive cases have been confirmed in the state, which includes 335 deaths and 9,244 discharges, the Health department said in its bulletin.

It said, out of 11,966 active cases, 11,740 patients are in isolation at designated hospitals and are stable, while 226 are in ICU.

Among the 42 dead are six from Bidar, four from Dakshina Kannada, three each from Kalaburagi and Dharwad and one each from Hassan and Bengaluru rural.

Of the 42, twenty-six are men, the bulletin said, adding most of them were with a history of Severe Acute Respiratory Infection (SARI), Influenza-like illness (ILI).

Out of 1,839 cases tested positive today, contacts of the majority of the cases are still under tracing.

Among the districts where the new cases were reported, Bengaluru Urban accounted for 1,172 cases, followed by Dakshina Kannada (75), Ballari (73), Bidar (51), Dharwad (45), Raichur (41), Mysuru (38), thirty seven each from Kalaburagi and Vijayapura, thirty-five each from Mandya and Uttara Kannada.

Bengaluru Urban district tops the list of positive cases, with a total of 8,345 infections, followed by Kalaburagi 1,597 and Udupi 1,276.

Among discharges, Kalaburagi tops the list with 1,189 followed by Udupi (1,103) and Bengaluru Urban (965).

A total of 6,89,526 samples were tested so far, of which 17,592 were tested on Saturday alone.

So far 6,50,876 samples have been reported as negative, and of them 15,294 were reported negative today.

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News Network
February 6,2020

Kalaburagi, Feb 6: The State government will take steps to ensure that Kannada as a language is taught in all private schools, Chief Minister B.S. Yediyurappa announced today at the 85th Akhila Bharata Kannada Sahitya Sammelana in Kalaburagi.

This comes in the wake of the demand by some Kannada activists for making Kannada medium compulsory in all schools in the State. Sammelana president H.S. Venkatesh Murthy, who spoke after the Chief Minister, also made this demand.

The Chief Minister said “We are committed to putting in place a series of steps to see that Kannada is taught in all schools, aided and private, as a language. Kannada should be taught as the first or second language. We will also take steps to strengthen government schools. However, the government alone cannot do much. The community and parents should offer support to make sure that government schools provide quality education to all.”

To inculcate the spirit of scientific inquiry, the State government is setting up mobile planetariums. This will increase the interest of children in space technology and India’s efforts in space exploration.

The government is committed to protecting the interests of the State in Mahadayi and other river water disputes. It will take the border row issue, based on the Mahajan Commission report pending in the Supreme Court, to its logical end.

The government will also address backwardness and related issues. It will make sure that adequate funds are allocated to the development of Kalyana Karnataka. Among other things, it will establish a hostel for students from Kalaburagi region in Bengaluru. Land has been allotted in Nagarabavi for the hostel that can accommodate around 200 students. The government has decided to celebrate Kalyana Karnataka Utsav once every two years. This will showcase the culture of the region.

“We are working towards forging sentimental and emotional unity of the State other than unity based on language or administration. Our dream is to see that Karnataka remains a homogeneous unit with equality and equal opportunity for all,’’ the Chief Minister added.

Kambar bats for technology

Chandrashekar Kambar, Sahitya Akademi president and former president of the Akhila Bharata Kannada Sahitya Sammelana, favoured effective implementation of technology in administration and for universal use of Kannada in computing and e-governance.

Speaking at the Sammelana inauguration, he said “Several years ago, at the insistence of writer Poornachandra Tejaswi, I appealed to the State government to give a push to Kannada computing. We were convinced that no language can survive without the use of modern technology and use of the language in computers. The Department of Kannada and Culture, headed by then director Manu Baligar, released ₹2 crore for the project. The work began in earnest and teams of technologists came up with software and fonts. Some departments started using Kannada software. But this work has stopped or slowed down at some level. I appeal to Chief Minister B.S. Yediyurappa to continue the work and ensure that computerised Kannada is used at all levels of government and in e-governance.’’

Supports dubbing

Mr. Kambar batted for content dubbing of informative TV channels in Kannada. Channels such as Discovery and History produce good quality content that can be educative and informative. They are very useful for children. These channels are now available in Tamil, Telugu and Hindi and some other Indian languages. But they are not available in Kannada. That is because some people in the film industry are opposing dubbing. Such opposition is not good. Informative channels are our window to the world and allowing dubbing will enhance our knowledge base. There is no merit in not allowing dubbing. I appeal to C.T. Ravi, Minister for Kannada and Culture, to allow dubbing in Kannada, he said.

Mr. Kambar favoured primary education in the mother tongue of the child and urged the State government to introduce universal and compulsory education in Kannada medium in all schools. “This will help preserve our culture. Nothing else can,’’ he said.

He blamed the East India Company administration for inculcating a craze for English education among the people. “The introduction of English education by the British was strongly welcomed by the masses in India as they had been denied the opportunity for education for millenia. The deprived classes and Dalits who had not been exposed to education till then, were excited about the opportunity. However, along with English education, the British were successful in introducing inferiority in our minds. We are yet to escape from this inferiority complex.”

Quoting from Greek mythology, Mr. Kambar said that Hercules had killed his children and relatives in a fit of alcohol-induced rage. “We should not behave like that. We may be very strong, but we should not kill our mother tongue, in our power-induced rage,’’ he said.

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Media Release
January 21,2020

Mangalore, Jan 21: Former city councillor and social activists Naveenchandra and social activist Vidya Dinker have been invited to participate in two-day National Level Consultation on Urban Governance which will take place on January 22 and 23 at Juniper Hall, India Habitat Centre, New Delhi.

Urban governance stakeholders of 20 states and one union territory will be participating in this national level consultative seminar. The participants will include elected representatives, NGO representatives and urban planning experts. The seminar is being organised by Mumbai based Prajna Foundation, which has undertaken an in-depth study of the governance of the 20 states and one union territories.

Having served several terms as a corporator of Mangaluru City Corporation, Naveenchandra is knowledgeable in matters relating to urban governance. He is very popular in his constituency. Vidya Dinker is a well known city based social activist. She is the Coordinator, Citizens Forum for Mangalore Development.

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Kedar
 - 
Wednesday, 22 Jan 2020

Vidya Dinker I can understand but Naveen i don't know on what qualifications and credentials he has been selected and to say he is Popular in his constituency is a Misnormer .  Just visit kambla ward once and speak to people and you can understand it better !!!

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