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 10,2020

Bengaluru, Feb 10: The Rashtriya Swyamsevak Sangh (RSS) on Sunday conducted a route march (Pathsanchalan) in Ramanagara to express solidarity with the anti-Christian forces protesting against a project to install 114-feet tall Jesus Christ statue atop Kapalabetta in Harobele town in Kanakapura taluk in Ramanagara district.

Hindutva ideologue Kalladka Prabhakara Bhat, who had led a rally in Kanakapura last month against the project, also led the Sunday’s route march and addressed a public meeting following the march.

“The district name is Ramanagara, but they have not nurtured the culture of Ram here. They have developed a strong culture of Ravana, which we pledged to dislodge,” Bhat told the gathering.

He said the Sangh Parivar will never allow the statue to come up as he said it would foment religious conversion that is rampant in Harobele.

“The so called Kapalabetta is of stones, which are revered as Lord Muneswara by the Hindus. This hillock must be named as Muneswara Betta,” he added.

Referring to the ongoing protests against the Citizenship (Amendment) Act (CAA), Bhat said the law was brought in to protect the Hindu minority in Pakistan and Bangla Desh.

“The Muslims living in India hail Pakistan. But when we ask them to go to Pakistan, they will never go,” he took a jibe at the minority community.

Reacting to the RSS route march, senior Congress functionary DK Shivakunar, who represents Kanakapura assembly seat, said the Sangah Parivar is trying to disturb the communal harmony in the district and they will never succeed in it.

“The BJP is operating through the Sangh Parivar in the Ramanagara district. The party has won as may as 26 Lok Sabha seats in Karnataka, still they are doing all these things to keep their support base. People of Ramanagara will never back them,” said Shivakumar.

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News Network
January 10,2020

Bengaluru, Jan 10: Karnataka Chief Minister BS Yediyurappa on Friday launched 'Sapthapadi', a mass marriage program in Bengaluru.

The state authorities will provide a mangalsutra worth Rs 40,000 and Rs 5,000 to the groom. They will also give Rs 10,000 to the bride after marriage.

The state government has also informed that the department has shortlisted some temples where the mass marriages will be held.

Yediyurappa also confirmed that the government will help communities like Muslim and Christians also to organise mass marriage as per their respective rituals.

According to the state government guidelines, issued last year in November, both parents of the couple should attend the ceremony if the duo wants to avail benefits of this offer but those who want to marry without their parent's permission do not stand a chance here.

Also, those wanting a love marriage will not be able to reap the benefits of the scheme. The plan is to conduct about 1,000 marriages in 90-100 temples.

The couples wanting to tie the knot are expected to register themselves 30 days before the scheduled date in the temple. Following which a list will be prepared.

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News Network
March 14,2020

Mangaluru, Mar 14: Following the avian flu outbreak in neighboring Kerala, authorities at Pilikula Biological Park in Moodushedde, on the outskirts of the city, have taken all precautionary measures to prevent the death of birds in the park.

Park Director H J Jayaprakash Bhandari said that "the behaviour of the birds is being monitored near open water sources on the premises'.

Though no deaths were reported in the Zoo or on lake premises, the staff continue to maintain a strict vigil on open water sources like lakes. He said the Park was being sanitized.

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