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 18,2020

Bengaluru, Apr 18: The Karnataka government has fixed the cost of test for COVID-19 in private laboratories at Rs 2,250, an official said on Friday.

"Based on the discussions and negotiations, the cost per test has been fixed at Rs 2,250. This includes the screening test and a confirmatory test," said order by Health and Family Welfare Department's Additional Chief Secretary Jawaid Akhtar.

A total of 16 laboratories (11 government and 5 private) have been approved by the Indian Council of Medical Research (ICMR) for testing samples of possible COVID-19 cases in the state.

Realising that early detection of coronavirus cases and timely treatment was the need of the hour, meetings were held to rope in more private laboratories to conduct COVID-19 sample tests.

As per the protocol by the Centre, testing the samples of suspected COVID-19 cases can be taken up in private laboratories subject to conditions which include sharing the lab data pertaining to the diagnosis of COV1D-19 with the state government and with the ICMR on a timely basis.

As per the Union Health Ministry, 353 people have infected from coronavirus in the state of which 83 are cured and discharged and 13 succumbed to the virus.

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coastaldigest.com news network
May 26,2020

Bengaluru, May 26: Karnataka chief minister BS Yediyurappa has been urged to cancel the proposed SSLC examinations in Karnataka and allow “mass-pass” for every student in the wake of covid-19 crisis. A group of intellectuals and educationists have put forth this demand.

In the letter released by educationist VP Niranjan Aradhya, said that they were listing the scientific reasons to the CM for cancellation of exams which are slated to be held from June 25 to July 4th.

In the letter, the intellectuals have elucidated a number of reasons for cancelling the upcoming exams. “There are close to 8.5 lakh students and 2.5 lakh staff involved. If we include parents who would drop their kids at the exam centre, around 30 lakh people will be involved in the process, making it a risky affair. Though the government has said that it will separate the students with fever or other ailments, will students admit to having fever? What if they consume paracetamol and come to write exams?” asks the letter. 

Added to this, the question papers have to be sent from the district and taluk centres and there may be chances of transmission.

“Even if we conduct exams, then what about the students who have failed? Every year, around 2.5 lakh students fail in the exam. Will the government conduct the supplementary exams again? The whole process of conducting exams comes at a huge cost of Rs 20 cr to Rs 25 crore. Hence, we are suggesting that the government cancels the exams and pass the entire group of student en masse,” said the letter.

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News Network
May 30,2020

Bengaluru, May 30: The Karnataka government will soon launch a project to maintain the health database of all its citizens, said Medical Education Minister Dr K Sudhakar on Friday.

A first of its kind initiative, the "State Health Register" will be a robust and standardised health repository of all the citizens, as per an official release.

Sudhakar said that the project will be implemented first in Chikkaballapur district on an experimental basis. "Enhanced focus on healthcare has become imperative and our government is committed to providing world-class healthcare to all citizens," he added.

While speaking to media, the minister said that COVID-19 experience has demonstrated the necessity of having robust, real-time public health data and, therefore, there is a need to maintain a repository of health data of each and every citizen.

He said that the government will be undertaking a survey of all 6.5 crore people in the state, by using a team of Primary Health Centre officials, revenue officials, education department staff and ASHA karyakartas.

"They will visit each household and collect health data of all the members of the family. This will not only help the government to provide better healthcare but will also help efficient resource allocation, management and better implementation of various citizen-centric schemes in the state," Sudhakar stated.

"Public-Private Partnership -- It's our vision to provide world-class healthcare to all citizens in the state and we need accurate data to make our vision a reality. The health register is a futuristic project which is taken up in the interest of the people. The project will include 50 per cent partnership of private hospitals. The data collected will help us to prioritise healthcare based on geography, demography and other targetted measures," read the release.

Chief Minister BS Yediyurappa has assured all support for the project and a detailed discussion will be undertaken in the upcoming cabinet meeting, said Dr Sudhakar.

The minister also assured that he is committed to ensuring that all citizens of the state have access to world-class healthcare.

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