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
February 12,2020

New Delhi, Feb 12: Buoyed by the Aam Aadmi Party's stellar performance in the Delhi Assembly elections, the Maharashtra unit of the party has decided to fight all forthcoming local elections, including the Mumbai elections.

The AAP’s Bengaluru unit will also contest the municipal corporation polls likely to take place in August or September.

AAP National Executive Member Preeti Sharma Menon said the party will try to “replicate the Delhi model of pragmatism, performance, and people centric policies”.

“We are sure that Maharashtra will shower us with the same faith and love as Delhi has done so,” she said.

The party has decided to field candidates in all the 198 wards of the Bruhat Bengaluru Mahanagara Palike (BBMP).

"We have been planning to contest the BBMP election when we received a major shot in the arm. The Delhi victory happened because of the good work, which we want to replicate here," AAP's co-convener in Karnataka and party's BBMP campaign in charge Shanthala Damle told PTI on Tuesday.

Born out of an anti-corruption movement, the AAP led by Delhi chief minister Arvind Kejriwal registered the second landslide victory by winning 63 out of 70 seats in the Delhi Assembly elections.

According to Damle, AAP in Bengaluru was working in full swing to make its presence felt in the city. "The party has already done its ground workin terms of election campaign and reaching out to the people in Bengaluru," she added.

According to her, the party has already opened around 10 offices and about 50 people have been announced as the assembly president or ward president.

Last month, the party launched a 40-minute movie called 'Hosa Bengaluru' (New Bengaluru) and conducted 50 shows already.

"It shows the Delhi model and explains what can be done in Bengaluru. So that is part of our vision," the AAP leader said.

In its next level of the campaign, AAP intends to conduct 'Jana Samvada' (Dialogue with people) in every street and in every ward.

The preparedness of the party can be gauged from the fact that it has identified many of its candidates for the BBMP elections.

The party has never tasted success in Karnataka anywhere but the Delhi's success story has kindled a new hope as many people would now be waiting to join the AAP, Damle said. The AAP cadres in Bengaluru burst into celebration soon after it became clear that the party was going to script history by forming government for the third consecutive time since its inception.

Sporting their signature caps, party workers lit crackers, danced on the Delhi election song 'Lage Raho Kejriwal'.

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News Network
April 19,2020

Mangaluru, Apr 19: In order to boost the Coast Guard's (CG) surveillance and reconnaissance capabilities on the country's west coast in Karnataka, CG OPV Varaha and CG Dornier 785 ex Kochi were pressed to service to undertake extensive surveillance.

"Both seawards and aerial surveillance of Karnataka coast line will be undertaken from Sunday," said S Babu Venkatesh, Commander, Coast Guard, Karnataka. The surveillance will be an air-sea coordinated operation.

The Coast Guard ships and aircraft maintained extensive search in the area for intercepting any suspect vessel. Indian Coast Guard ships classified various contacts in the area and kept them under constant surveillance.

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News Network
March 2,2020

Kochi, Mar 2: The Vatican has rejected the second appeal by Sister Lucy Kalappura -- one of the nuns who protested against rape accused Bishop Franco Mulakkal -- against her expulsion from Franciscan Clarist Congregation (FCC).

In her plea, she had demanded that her version be heard and her expulsion from FCC revoked.

She was expelled from FCC for participating in public protests demanding the arrest of Franco Mulakkal in the nun rape case.

''I got a letter from Vatican which says my appeal has been rejected. But the rest of the letter is written in the Latin language. So after I understand it, I will respond," Sister Lucy told news agency.

''The authorities are contemptuous of those who make such complaints. That is why the letter is written in Latin. Sister Lucy would continue her legal fight in the courts,'' said George Moolechalil, who has been authorised by Sister Lucy to communicate with the media on her behalf.

A petition of Sister Lucy is still pending at Mananthavady Munsif Court at Wayanad that demands that she should not be expelled from the convent where she is staying.

Comments

fairman
 - 
Wednesday, 4 Mar 2020

Religious issues should be resolved within the guidelines of devine laws.

 

Unfortunately the Chrisitianity is no more in its originality.

The holy bible has been systematically abused and edited to the benefits of rulers.

 

 
The book has been contaminated with lots of editions.

 

People should search for truth and follow it.

 

Example, the religion never told to remain unmarried for priests or nuns.

They go against its teaching inveting their own idea against God's teaching.

 

Abdul Gaffar Bolar
 - 
Monday, 2 Mar 2020

Vatican is a corporate person.

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