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
March 22,2020

Bengaluru, Mar 22: Monday's only pending II PU exam (English) and SSLC exams scheduled to start on March 27 have been postponed due to Covid-19 concerns. The new dates will be announced in April first week.

The decision was taken after a meeting with chief minister BS Yediyurappa on Sunday morning, said state primary and secondary education minister S Suresh Kumar.

Around 8.25 lakh students are to appear for the Class 10 exam.

"I appeal to SSLC students not to get frustrated. I know you're fully prepared, fully geared up. But this is a peculiar situation which calls for hard decisions. The new timetable will be published very soon. Students should treat is as an extended study leave. Please revise more. Do not treat this as a relaxation time. You'll have plenty of time to relax after the exams," he said.

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News Network
May 25,2020

Bengaluru, May 25: After facing flak from the opposition for skipping quarantine rules to contain COVID-19 spread, Union Minister Sadananda Gowda on Monday said there are certain exemption clauses for those who hold certain responsible posts, adding that he cannot go under quarantine as he has to ensure medical supply in every part of the country.

"Guidelines are applicable to all citizens, but there are certain exemption clauses, for those who hold certain responsible posts," Gowda told media on being asked about allegations by opposition parties that he did not go to required institutional quarantine after domestic air travel from Delhi to Bengaluru.

"I am a Minister and I am heading Pharmaceutical Ministry. If the supply of medicines and other things is not proper then what doctors can do for patients, is it not a failure of government? It' is my responsibility to ensure the supply of medicines to each corner of the country," he said.

Earlier in the day, the BJP MP, who arrived at Bengaluru airport from Delhi and straight away got into his car and drove to his residence. He skipped the institutional quarantine measures as set by the Central government.

Karnataka Director General of Police Praveen Sood said: "Incoming domestic flight passengers from Maharashtra, Rajasthan, Delhi, Gujarat, Tamil Nadu, Delhi and Madhya Pradesh will undergo 7-day institutional Quarantine followed by home quarantine."

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Kannadiga
 - 
Monday, 25 May 2020

This is called has nagpur soldiers. He might think this virus has given excuse to all bjpean's or why he jumped out from the airport quarantine regulation. If the virus infected to any others what will.he do. What will his media will telecast. Same like Delhi they will target some other community. 

 

All must be away from him and his associates.

Here it is the duty of each individuals to keep distance and stay safe.

Not like our qualified leaders and ministers

 

 

 

 

 

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News Network
April 20,2020

Thiruvananthapuram, Apr 20: The Kerala government announced the relaxation of COVID-19 lockdown restrictions in two zones, allowing among other private vehicles movement in an odd-even basis and dine-in services at hotels from Monday.

State police chief Loknath Behera said the relaxations of restrictions imposed would come into effect in the Green and Orange-B zones in the state from Monday,an official release said.

Earlier, the Left government had colour-coded 14 districts of the state into four zones-- Red, Green, Orange-A and Orange-B, for containing the Covid-19 pandemic. Red zone comprises Kasaragod, Kannur, Kozhikode and Malappuram districts. In this zone, a complete lockdown will be in place until May 3 while two entry and exit points are allowed for carrying essential commodities to coronavirus hotspots. Orange-A zone comprises Pathanamthitta, Ernakulam and Kollam while orange-B zone comprises Alappuzha, Thiruvananthapuram, Palakkad, Thrissur and Wayanad.

The lockdown will be in effect until April 24 in this zone and then partial relaxation will be allowed. Kottayam and Idukki come under the Green zone, in which lockdown will be in effect until April 20 and then regulations will be eased. However, large gatherings, the functioning of educational institutions, religious functions, celebrations and travel outside the district will not be allowed in this zone.

Not more than 20 people are allowed to take part in weddings and funerals, according to government instructions. On the functioning of courts, the release said, "Courts in the Green and Orange-B zones will re-open on April 21 while that in Orange-A zone will start functioning from April 25. The courts will function with 33 per cent of staff. The cases will be heard via video conferencing."

Meanwhile, the Bankers' Council has announced that banks will function as per the usual timings from Monday in the state except four districts falling under the Red zone. The Transport Ministry has clarifiedthat public transport won't be allowed to ply in the state during the lockdown period. "Inter-district travel will not be allowed despite relaxations in the state, but essential services such as medical services, food supplies will not be stopped. However, in case of emergency, inter-district travel will be allowed with an affidavit prepared by the traveller," Behra said in a release.

On the implementation of the odd-even scheme for private vehicles, the police said, "Vehicles with odd numbers will be permitted on Mondays, Wednesdays and Fridays. Those with even numbers will be allowed on Tuesdays, Thursdays and Saturdays." Woman drivers travelling solo or with dependants are also exempted from it, police said. On Sundays, only those working for essential services are allowed to use their vehicles.

All education institutions, cinema halls, shopping malls, public parks, bars, places of worship will remain closed in all zones of the state. The health department and local administration, which carry out sanitation work before the monsoon, are allowed to operate. Four-wheelers are permitted to carry two passengers besides the driver and in case of a two-wheeler, only the driver will be allowed while the pillion rider is allowed in case the person is a family member.

On Dine-in services, a government order said it is allowed at hotels and restaurants until 7 PM in Green and Orange-B zone from Monday and in Orange-A zone from April 24. However, take-away counters can function until 8 PM, it said. Kerala on Sunday reported two positive cases of Covid-19 in the state taking the total number of affected to 401 while the health department announced that 13 people were cured.

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