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Three Kerala companies have more gold than Sweden, Singapore, Australia!

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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 12,2020

Bhopal, Mar 12: Madhya Pradesh Congress on Thursday alleged that two of its ministers who had gone to Bengaluru to meet the rebel party legislators were assaulted.

"Two of our ministers Jitu Patwari and Lakhan Singh had gone to Bengaluru. They were assaulted, we have info that our ministers have been arrested," Madhya Pradesh Congress leader said during a press conference.

Congress further warned that if the police don't take action, the party will take it to the court.

Some of the rebel MLAs had said in a video on Wednesday that they were in Bengaluru out of their own will.

The rebel MLAs have been staying in Bengaluru over the past few days.

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coastaldigest.com news network
July 17,2020

Ballari, Jul 17: An MLA from Karnataka’s Ballari district has tested positive for covid-19. P T Parameshwar Naik, Congress MLA from Huvina Hadagali constituency confirmed that he contracted coronavirus.

Parameshwar Naik had developed symptoms a few days back. He was subjected to Covid-19 test at a hospital in Harapanahalli. On Thursday, his report came positive. Naik’s house at Harapanahalli has been sealed. He is undergoing treatment at a hospital in Bengaluru.

The other legislators from the state to test positive for coronavirus are: MLAs C T Ravi (Chikkmagaluru), Bharat Shetty (Mangaluru North), Ranganath (Kunigal), Sharath Bachegowda (Hoskote), Rajkumar Patil Telkur (Sedam), Ajay Singh (Jewargi), Prasad Abbayya (Hubballi-Dharwad East), MLCs Bhojegowda and M K Pranesh.

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News Network
February 19,2020

Bengaluru, Feb 19: Karnataka Chief Minister BS Yediyurappa is facing major dissent within the party and the BJP MLAs held a meeting on Tuesday night at former Chief Minister Jagdish Shettar's residence to discuss the functioning of Yediyurappa-led government, said BJP sources.

According to BJP sources, some of the unhappy BJP leaders and MLAs met last night at Shetter's place and expressed that they are not satisfied with Yediyurappa's leadership.

Last night's meeting shows that party leaders are looking to bring down Yediyurappa from the Chief Minister's post by sending a clear message to the high command that Yediyurappa is incapable of continuing as the CM, said BJP sources.

Other sources in BJP have also asserted that BJP leadership in Karnataka is looking for a "leader" who can lead the party in upcoming elections which is going to be held after three years. At this point of time, it's crucial for BJP to promote second-line leadership.

Meanwhile, a letter is being circulated in the BJP party forum and over social media against Chief Minister Yediyurappa's leadership.

It looks like the same team which is unhappy with Yediyurappa's leadership is trying to convey the same message to their high command. The letter which is being circulated says to be written by one of these leaders' groups against Yediyurappa and his son Vijayendra.

On this, Congress leader Ramalinga Reddy told media, "Maybe the letter is written by the same MLAs because after the expansion of Karnataka cabinet so many leaders from BJP were kept out."

"There is a lot of discontent among BJP MLAs that the ones who have toiled for the party day and night have been neglected from the cabinet expansion. This will definitely result in destabilisation in the government," said Eshwar Khandre, KPCC Working President.

Now party high command needs to look into Karnataka leadership to manage the government in the state.

"Now BJP leadership in Karnataka and Delhi need to look into the matter and need to solve the issue after cabinet expansion," said a BJP leader.

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