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 31,2020

Bengaluru, Mar 31: The total number of confirmed cases of coronavirus in Karnataka rose to 98 on Tuesday, according to the state government.

This includes 3 deaths and 6 patients who were cured and discharged, leaving the active cases to 89.

Meanwhile, Karnataka Home Minister Basavaraj S Bommai said that his government has succeeded in tracking more than 24 people in Bengaluru, who attended the Tablighi Jamat event in Delhi held earlier this month.

"Over 24 people, who attended Tablighi Jamaat event in Delhi, tracked in Bengaluru. We have quarantined 54 people. 8 people also in Bidar. 1 person found positive in Bidar and we have quarantined him. There are people who attended jamaat from almost all districts of the state," Bommai told news agency here.

Delhi's Nizamuddin area emerged as a hotspot after a religious meeting was held at Markaz by the Tableeghi Jamaat earlier this month, and several COVID-19 positive cases have been found among those who attended the gathering.

At least 24 people staying at Markaz building in Nizamuddin area of the national capital have tested positive for coronavirus, Delhi Health Minister Satyendar Jain on Tuesday.

"All of them are being screened. We are not certain of the number but it is estimated that 1500-1700 people had assembled at the Markaz building. 1033 people have been evacuated so far - 334 of them have been sent to the hospital and 700 sent to quarantine center. A total of 24 positive cases have been found so far," he said while speaking to reporters here.

The minister also slammed the organizers of the religious event saying that they have committed a grave crime.

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News Network
April 3,2020

Kasaragod, Apr 3: Kerala reported nine new cases of coronavirus on Friday, with seven from the worst affected Kasaragod district, Chief Minister Pinarayi Vijayan said.

With this, the total number of coronavirus positive cases in the coastal district alone mounted to 136.

Besides, Kasaragod, one case each was detected from Thrissur and Idukki, he told reporters after a COVID-19 review meeting this evening.

Currently, 251 people are under treatment for the virus in the state and 14 were cured today, Vijayan said.

A total of 1.69 lakh people are under surveillence in the state and 706 are in various hospitals.

Two fatalities have been reported from the state so far.

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News Network
July 10,2020

Bengaluru, Jul 10: Former Karnataka Chief Minister and Congress leader Siddaramaiah on Thursday condemned the decision of the HRD Ministry to drop chapters on citizenship, secularism and federalism from Class 11 political science syllabus, stating that this will "deprive a generation of students from understanding the important pillars of Indian democracy".

"I strongly condemn the decision of @HRDMinistry to drop chapters on citizenship, secularism and federalism. This will deprive a generation of students from understanding the important pillars of Indian democracy. #Stop Saffronisation Of Education," Siddaramaiah tweeted.

The Congress leader further alleged that BJP does not believe in the principles of citizenship, secularism and federalism.

"Chapters on citizenship, secularism and federalism are dropped from Class 11 Pol Science. syllabus. Does this explain something? Yes, it explains that @BJP4India doesn't believe in these principles and validates its past behaviour," he said in another tweet.

Earlier in the day, Union Human Resource Development (HRD) Minister Ramesh Pokhriyal Nishank rejected criticism over alleged conspiracy in CBSE's decision to reduce the syllabus of schools due to COVID-19 outbreak and urged the critics to "leave politics out of education".

"There has been a lot of uninformed commentary on the exclusion of some topics from #CBSESyllabus. The problem with these comments is that they resort to sensationalism by connecting topics selectively to portray a false narrative," the Union Minister tweeted.

"It is our humble request:#Education is our sacred duty towards our children. Let us leave politics out of education and make our politics more educated," he added.

The CBSE has revised the syllabus for the classes IX to XII during the academic session 2020-21 in the wake of the situation created by COVID-19.

In a circular issued to all the heads of the institutions affiliated to it, the CBSE had said that the revision of syllabi has been done due to the extraordinary situation prevailing in the country and different parts of the world.

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