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

[email protected] (TNN)
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
August 5,2020

Shivamogga, Aug 5: Karnataka Minister KS Eshwarappa on Wednesday hailed the laying of foundation stone (bhoomi pujan) for a grand Ram temple in Ayodhya and said "Kashi Vishwanath and "Krishna Janmasthan temples have to be liberated".

"It is a good day that the foundation stone for Ram Temple has been laid. A beautiful temple will come up, but there are Kashi Vishwanath and Krishna Janmasthan temples which have to be liberated," Eshwarappa said.

The minister said that there is a "sign of slavery" at Krishna temple in Mathura and Kashi Vishwanath temple in Varanasi.

"The whole nation is dreaming of Shri Krishna temple in Mathura and Kashi Vishwanath temple. I have visited the two temples. 

There is a sign of slavery. Mosques are there at holy places. When I visited the place at Mathura, I witnessed the wall. When we look at the wall, we feel like we are still slaves," he said.

"While visiting Kashi, there is also a structure of slavery. Dream of Hindus is fulfilled in Ayodhya. One day, it will be fulfilled in Mathura and Kashi. Mathura Sri Krishna and Kashi Vishwanath will be freed and temple will be built," Eshwarappa added.

The Places of Worship Act, enacted in 1991, says that religious character of a place of worship existing on the August 15, 1947 shall continue to be the same as it existed on that day. The Act kept Ayodhya case out of its purview.

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News Network
March 25,2020

Thiruvananthapuram, Mar 25: Kerala Chief Minister Pinarayi Vijayan on Tuesday said that strict action will be taken against overpricing and hoarding of essential items during lockdown period in the state.
Speaking to media persons here, he said: "Today 14 new cases of COVID-19 have been reported taking the total number of cases to 105 (excluding four discharged) in the state."
"Out of this, six are from Kasaragod district, two from Kozhikode, eight have returned from Dubai, one each from Qatar and UK; and three have got infected from a mutual contact. One health worker is also suspected to be on the list," he said.
A total of 72,460 people are under observation in the state out of which 71,994 are in isolation in their homes and 466 in hospitals. Today 164 people were hospitalised. 4,516 samples were sent for testing out of which 3,331 have tested negative.
Chief Minister Vijayan said that people should take the lockdown seriously and strictly adhere to government instructions.
"All personal vehicles should strictly be off the road. Taxis and autos can only be used for emergency purposes. People using personal vehicles should give self-declaration giving details about the purpose of the journey. Police action will be taken against those giving false information or found misusing personal vehicles," he said.
The Chief Minister today interacted with the MLAs from Kasargod through audio conferencing and asked them to co-ordinate the activities there along with the Panchayat president.
"Special attention should be given to the elderly, homeless, specially-abled in the state and local self-government institutions should take effort to arrange food and shelter for the needy. Apart from medicines, those in isolation would also be given counselling if required," he said.
He also urged the youth to come forward in volunteering during this difficult time. They can volunteer as bystanders in hospitals and help in other places too.
The Chief Minister also informed that the testing facilities at Central Universities in Kerala, IISER in Trivandrum and MIMS, Kozhikode can be used.
"All MLAs are working in their respective constituencies and they should make the effort to identify places that can be used as regional isolation centres, as and when required," said Vijayan.

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News Network
July 19,2020

Mangaluru, Jul 19: In the wake of the COVID-19 lockdown imposed till July 23, streets in the Dakshina Kannada district here bore a deserted look today (Sunday) morning.

The state government had allowed relaxation hours between 8 am to 11 am in the week-long total shutdown. However today there was no relaxation. 

All shops including those selling essential commodities were also seen closed in the district today. Besides, barricades were also seen stationed at different junctures on the road.

As per Karnataka's COVID-19 information portal, a total of 59,652 coronavirus cases have been reported in the state, including 36,631 active cases and 21,775 recoveries. So far, 1,240 people have died due to the infection in the state. 

Dakshina Kannada so far recorded 3,311 covid-19 positive cases and 75 deaths.

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