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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
January 9,2020

The Bharatiya Janata Party workers belonging to Muslim community are bewildered over the contentious Citizenship Amendment Act. A considerable number of BJP’s Muslim workers have distanced themselves from the pro-CAA meetings being organised by the party in different parts of India.

There is a deep divide within members of the BJP minority wing, with many upset and angry with the party. During its membership drive in 2018 for the minority wing, BJP had enrolled lakhs of Muslims across India.

A senior Muslim member of the saffron party in Hyderabad explained, “We are very upset. There is no one listening to us within the party. Majority of the members are introspecting on their future role in the party. Few are vocal about it. Those, who believe they still have a future in the party, have decided to keep quiet on this issue.”

This is the reason why they are not attending the pro-CAA rallies or interacting with people. If anybody approaches and questions them about CAA, they maintain they have no idea, just like the common man. A member of the BJP belonging to the minority community says they have been hurt by the decision of the government on CAA.

“Shia Muslims in Pakistan are suffering. They have been targeted in that country from time to time. The BJP patronised a large number of Shia Muslims. The Shia community in Uttar Pradesh even sided with the BJP. But what has the community got in the end? The persecuted Shia minorities in Pakistan have not got justice,” the party member from minority community lamented.

There are 400 families belonging to the Shia community in Hyderabad, who have relatives in Karachi and Quetta in Pakistan. These Shias had migrated to Pakistan from the Nizam state after its accession to India. These families were hopeful that after aligning with BJP, there would be a reprieve for them. But the stand taken by BJP has left them in lurch. The CAA provides for granting Indian citizenship only to non-Muslim minorities from Pakistan, Afghanistan and Bangladesh.

“We have been left with nothing. Shias have not been politically active in all the three countries of India, Pakistan and Bangladesh and have suffered due to this reason. There was some hope in India, but even that has been lost now,” the minority wing leader remarked.

National vice president of BJP minority cell Farid Sheikh Liaquat Ali says, “Party workers and common people are asking the same question.”

I have told them what union home minister Amit Shah has said in Parliament, that CAA is not against Indian Muslims. But people are not convinced. Every meeting or social function that I attend, I find that people are angry and upset. I have been with the BJP for 33 years and whatever I hear from the people is being conveyed to the party.”

The incident that occurred at the madarasa in Uttar Pradesh has led to a pointed question: “If this can happen to Muslims in UP, will it not repeat elsewhere?”

Comments

Abdullah
 - 
Wednesday, 22 Jan 2020

Dears, how can yu be safe if you are in a cage of dragons + mad dogs + jackals.  Yu betrayed your own community and religion.   You sold yuorself to the enemies for some coins.  Shame on you.  Allah will never accept this and you will get proper treatment.   Sanghis never have trust and courtsey on minorities, dalits, obcs etc.   Dont ever expect anything from these hate guys.  They killed our Father of Nation and you are nothign to them.   They will stab you in your back.   They are misusing you to cheat muslim community.    May be you joined b jp thinking you will get 15 lacs.  You will not get their shit also coz they will use it also.   May Allah bless you with right way of thinking and keep you aware of these anti nationals.  

Prakash SS
 - 
Thursday, 9 Jan 2020

Well done.........Jaise Ko thaisa Mila........Kaisa Maza Ayaa....Now all will come to know about RSS laid BJP this party is not for minor community and poor backward people, this is a party of goondas and criminals, not only Muslims if BJP will be in power even Hindus will not be safe.  we will suffer maximum damage wehen we understand this fact. plesae.... we all have to wake up now. 

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 4,2020

Bengaluru, Mar 4: With details of the Bengaluru links of the Covid-19-positive patient from Hyderabad emerging, state health authorities on Tuesday got down to tracking any infection trail he may have left behind before heading home.

Schools from southeast Bengaluru asked parents to send students with masks and hand sanitizers or keep them at home if they had fever. Medical shops in Bengaluru reported panic buying of masks and hand sanitizers.

Two persons with no symptoms — the Hyderabad man’s flatmate in city, and a colleague — reported at Rajiv Gandhi Institute of Chest Diseases and put under watch at the isolation ward. Their test results are expected on Wednesday.

The authorities tracked down 71 people who had come in contact with the Hyderabad man and put them under surveillance. The 24-year-old techie had travelled to Dubai for work on February 15 and returned to Bengaluru on February 20. He attended work on February 20 and 21 before taking a bus to Hyderabad. His flat has been sealed for sanitizing.

According to Telangana officials, at least 36 of the 88 people who came in contact with the techie are showing some symptoms of Covid-19.

Contrary to reports, the infected person was not tested at the KIA since guidelines don’t say flyers from Dubai must be screened. WHO guidelines say identification of the infected person should not be revealed. However, WhatsApp groups were flooded with messages on where the infected person lived and details of his flatmate.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 1,2020

Mangaluru, Mar 1: A youth lost his life in a lift crash at a wedding hall at Kallapu near Thokkottu on the outskirts of the city today. 

The deceased has been identified as Hamzah (30), a resident near Thumbay, who was part of the catering team hired for the marriage ceremony. 

The tragedy occurred at around 2 p.m. when Hamzah was getting ready to bring utensils and other things by lift from the third floor of the hall. All of a sudden, the lift’s ropes came loose and Hamzah lost his balance and got trapped inside.

He was pulled out and rushed to a hospital in Deralakatte, but he breathed his last on the way. He is survived by his wife and three children.

Comments

Mbeary
 - 
Sunday, 1 Mar 2020

Inna lillah.. I think someone with a good computer knowledge under an organisation shud come up with fund raisals so that we can donate in a transparent manner

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.