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
January 14,2020

Bengaluru, Jan 14: A woman has sustained burns on the left hand and the left chest in a vicious acid attack that occurred as she walked home in Mallappa Layout, Seegehalli, near KR Puram in Bengaluru.

Prabhavathi, the victim, and her husband, Radhakrishna Reddy, own an acre and six guntas of land in Seegehalli. They had constructed 20 houses on the parcel and rented them while keeping the rest of the land empty and building a boundary wall around it, according to a senior police officer. 

Four men named Ravi, Kumar, Ashirvadam and Shekar laid claim to the land and demolished the boundary wall two years ago. When the couple approached the cops, Manjunath, a sub-inspector from KR Puram police station, visited the spot along with other officers and allegedly abused Reddy and his family. 

Reddy then approached a senior police officer who suggested that he file a complaint against the sub-inspector as well as his rivals for threatening the family. The case is pending in a case. 

On January 7, Ravi, along with four others — Raghu, Kabalan, Ashrivadam and Munireddy — mocked Prabhavathi as she walked home. They asked her to withdraw the complaint. When she ignored them, one of the men motioned to another person. In a flash, a man in the group threw acid on Prabhavathi. The liquid fell on her left hand and left chest, gashing them. Her screams drew her family who rushed her to a hospital. 

Reddy said the suspects had been intimidating them to sell the remaining land. He accused the KR Puram sub-inspector of “threatening” the family.

According to Reddy, following their complaint, a departmental enquiry was launched against the sub-inspector and his promotion was stalled. He suggested that the suspects had used the acid attack as a weapon to “silence” and force them into withdrawing the complaints. 

Following the acid attack, KR Puram police booked eight people — Ravi, Raghu, Kabalan, Ashirvadam, Munireddy, Sachin, Rahul, and Kumareshan — under IPC sections 326 (a) (acid attack) and 506 (criminal intimidation). Efforts are on to track them down. 

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June 21,2020

Udupi, June 21: An entrepreneur lost his life after the car he was driving veered off the road and plunged into a roadside tank near Barkuru in Brahmavar taluk of Udupi district today.

The deceased has been identified as Santosh Shetty, a resident of Vakwadi in Kundapur taluk. He is the proprietor of Laxmi Glass and Plywood, Koteshwara. 

A woman, identified as Shweta, who was also on board the car suffered critical injuries.  

The mishap occurred when the duo was heading to Vakwadi from Brahmavar in Hyundai Car sedan car. 

Shetty lost control over his vehicle while negotiating a curve at Chaulikere and the car plunged off the road as there was no barricade. 

Even though local residents began rescue operation immediately, Shetty breathed his last on the spot. Shweta was rescued and shifted to a hospital in Manipal for treatment.

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News Network
May 22,2020

Bengaluru, May 22: Amid the fourth phase of nationwide COVID-19 lockdown, inter-state travel from Karnataka is now permitted with the consent of the receiving state, informed Praveen Sood, Karnataka Director General of Police (DGP) and Inspector General (IG).

"Inter-state pass is not required to go out of Karnataka as long as you have the consent of the receiving state," he said.

The order follows MHA's recent announcement of relaxed guidelines amid the nationwide lockdown.

"Due to lockdown, migrant workers, pilgrims, tourists, students and other persons are stranded at different places. They would be allowed to move as under," read the new guidelines while asking states to designate nodal authorities to facilitate the interstate movement.

The Centre has extended the lockdown till May 31 across the country.

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