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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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News Network
April 29,2020

Mangaluru, Apr 29: District in-charge Minister Kota Srinivas Poojary on Wednesday inaugurated a mobile fever clinic to cure COVID-19 patients.

Karnataka State Road Transport Corporation (KSRTC) has converted one of its buses into a clinic in Mangaluru to treat COVID-19 patients.

The mobile fever clinic has a bed for the patient and a cabin for the doctor. There is also a seating facility, medicine box, wash-basin, sanitizer, soap oil, a separate water facility, and fans.

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coastaldigest.com news network
July 8,2020

Udupi, Jul 8: Four people have been arrested by the police in connection with the murder of Yogish Poojary (26), a resident of Laxminagara in Tenkanidiyoor in Udupi. A gang, which arrived in a car had attacked Poojary with lethal weapons on July 6.

The arrested are rowdy sheeter Sujith Pinto (37), his elder brother Rohit Pinto (43) Annu alias Pradeep (40) and Vinay (36). Police have continued the manhunt to nab two more accused – Girish and Anup. 

The accused were arrested from Kallianpur last night following which the accused were to murder spot as part of investigation.  The police also seized the car and knives that were used for the crime. 

Police sources said that the accused were under the influence of alcohol when the stabbed Poojary repeatedly with knives.

Three teams headed by sub-inspectors of Malpe, Udupi city and city crime branch took part in the operation.  The accused have been booked under station under section 143, 147, 148, 302 and 149 of IPC.

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News Network
July 9,2020

Bengaluru, Jul 9: Karnataka Medical Education Minister K Sudhakar on Wednesday said the private hospitals in the state have joined hands with the state government in the fight against COVID-19 and will provide 3,500 beds for patients.

"The meeting with managements of private hospitals has been successful and they have agreed to provide 3,500 beds for COVID-19 treatment," he said while addressing a press conference.

Pointing out that the step would help in providing more beds for COVID-19 patients, he added, "The state government is thankful to the private sector for joining hands with the government in this fight against the pandemic. Apart from beds, private hospitals will also run COVID-19 care centres in collaboration with hotels to treat asymptomatic and people with mild symptoms. Together with beds and COVID-19 care centres, private hospitals will add 6,000 to 7,000 beds in coming days," he said while addressing a press conference.

The minister while clarifying on JJM Medical College stipend issue said he had a number of meetings with the college as also the CM. "Held several meetings with the college management in this regard. I also discussed the same with Chief Minister BS Yediyurappa. He already asked the college management to release the stipend of Resident Doctors and PG Medicos immediately. Now it is up to the college management to act.

Urging the residents of the state to fight the pandemic with honesty, the minister said, "We should be honest about the virus and get tested ourselves without hiding it. Wearing masks, social distancing and following government guidelines are the weapon against COVID-19, which would help us to win this war."

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