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 30,2020

Bengaluru, Mar 30: Chief Minister B S Yediyurappa on Sunday convened an all-party meeting and apprised the Opposition leaders about the measures taken by the government to contain the coronavirus in the state.

"I have been regularly holding meeting since March 13 regarding the measures taken to contain the transmission of COVID-19," the chief minister said at the meeting at the Vidhana Soudha.

Health Minister B Sriramulu, Medical Education Minister Dr K Sudhakar, IT-BT Minister C N Aswath Narayan, Deputy Chief Minister Laxman Savadi, former chief minister and Leader of the Opposition Siddaramaiah, Opposition MLAs H D Revanna, D K Shivakumar and former speaker K R Ramesh Kumar attended the meeting.

The chief minister said a task force comprising ministers and officials has been formed to oversee the implementation of the government orders.

Yediyurappa highlighted the prevailing situation across the globe saying that normal life had been paralysed everywhere.

The chief minister also apprised them about the number of clinics all over the state, availability of medicines and protection gear for the doctors and quarantine rooms in the state.

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coastaldigest.com news network
May 28,2020

Bengaluru, May 28: A complaint has been filed against BJP Karnataka state president and Lok Sabha member Nalin Kumar Kateel by the Congress Legislators charging him with issuing false information on Coronavirus to mislead the people.

The complaint was filed by MLCs Ivan D’Souza and Prakash Rathod at Vidhana Soudha police station on Thursday.

In the complaint they had alleged that “Kateel has been spreading false information that the position of World Health Organization’s (WHO) Chairman was given to India in appreciation of Prime Minister Narendra Modi’s achievement in Coronavirus management. 

In reality, the position was given to India on the basis of rotation. India’s stature gets affected because of such childish statements at the international level.”

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News Network
June 29,2020

Bengaluru, Jun 29: A 99-year-old woman has successfully recovered from coronavirus in Bengaluru, leaving the medical fraternity and her family elated.

The woman had contracted the pathogen after coming in contact with her grandson and was hospitalised on her 99th birthday on June 18.

The woman was taken to the government Victoria Hospital along with her 70-year-old son, daughter-in-law and grandson.

"While we three developed symptoms like cold, cough and fever, my mother remained asymptomatic," the woman's son said.

The family members are still wondering how they got infected by the virus as all except the woman's grandson, were confined to their home most of the time.

Her 29-year-old grandson was the only one who went out to buy groceries.

Initially, the family approached a private hospital nearby for treatment, but they refused to accept COVID-19 patients.

Left with no option, the family got admitted to the Victoria hospital.

"We had reservations about Victoria hospital, but it turned out be a good one.

We did not spend a penny since the day we were admitted and my mother and son fully recovered," the woman's son said.

According to Dr Asima Banu, nodal officer of the Trauma Care Centre at the Victoria hospital, the woman was reluctant to get treatment at the hospital.

"With moral support from doctors and nurses at the Trauma Care Centre, she recovered very fast. She is always positive in life," the doctor said.

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