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
April 27,2020

Bantwal, Apr 27: Following the meeting at a guest house here, district in-charge Minister Kota Srinivas Poojary instructed the officials to stringently impose the lockdown in the taluka.

He stated that there will be no relaxation and exemptions in Bantwla till May 3 and ASHA workers will be continuing surveying houses in Bantwal Kasba and Narikombu.

Two people have already died from COVID-19 in the taluka and two new cases were reported in the past week.

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Ram Puniyani
February 22,2020

This January 2020, it is thirty years since the Kashmiri Pundits’ exodus from the Kashmir valley took place. They had suffered grave injustices, violence and humiliation prior to the migration away from the place of their social and cultural roots in Kashmir Valley. The phenomenon of this exodus had been due to the communalization of militancy in Kashmir in the decade of 1980s. While no ruling Government has applied itself enough to ‘solve’ this uprooting of pundits from their roots, there are communal elements who have been aggressively using ‘what about Kashmiri Pundits?’, every time liberal, human rights defenders talk about the plight of Muslim minority in India. This minority is now facing an overall erosion of their citizenship rights.

Time and over again in the aftermath of communal violence in particular, the human rights groups have been trying to put forward the demands for justice and rehabilitation of the victim minority. Instead of being listened to those particularly from Hindu nationalist combine, as a matter of routine shout back, where were you when Kashmiri Pundits were driven away from the Valley? In a way the tragedy being heaped on one minority is being justified in the name of suffering of Pundits and in the process violence is being normalized. This sounds as if two wrongs make a right, as if the suffering Muslim minority or those who are trying to talk in defense of minority rights have been responsible for the pain of Kashmiri Pundits.

During these three, many political formations have come to power, including BJP, Congress, third front and what have you. To begin with when the exodus took place Kashmir was under President’s rule and V. P. Singh Government was in power at the center. This Government had the external support of BJP at that time. Later BJP led NDA came to power for close to six years from 1998, under the leadership of Atal Bihari Vajpayee. Then from 2014 it is BJP, with Narerda Modi as PM, with BJP brute majority is in power. Other components of NDA are there to enjoy some spoils of power without any say in the policies being pursued by the Government. Modi is having absolute power with Amit Shah occasionally presenting Modi’s viewpoints.

Those blurting, ‘what about Kashmiri Pundits?’ are using it as a mere rhetoric to hide their communal color. The matters of Kashmir are very disturbing and cannot be attributed to be the making of Indian Muslims as it is being projected in an overt and subtle manner. Today, of course the steps taken by the Modi Government, that of abrogation of Article 370, abolition of clause 35 A, downgrading the status of Kashmir from a state to union territory have created a situation where the return of Kashmiri Pundits may have become more difficult, as the local atmosphere is more stifling and the leaders with democratic potential have been slapped with Public Safety Act, where they can be interned for long time without any answerability to the Courts. The internet had been suspended, communication being stifled in an atmosphere where democratic freedoms are curtailed which makes solution of any problem more difficult.

Kashmir has been a vexed issue where the suppression of the clause of autonomy, leading to alienation led to rise of militancy. This was duly supported by Pakistan. The entry of Al Qaeda elements, who having played their role against Russian army in 1980s entered into Kashmir and communalized the situation in Kashmir. The initial Kashmir militancy was on the grounds of Kashmiriyat. Kashmiriyat is not Islam, it is synthesis of teachings of Buddha, values of Vedant and preaching’s of Sufi Islam. The tormenting of Kashmiri Pundits begins with these elements entering Kashmir.

Also the pundits, who have been the integral part of Kashmir Valley, were urged upon by Goodwill mission to stay on, with local Muslims promising to counter the anti Pundit atmosphere. Jagmohan, the Governor, who later became a minister in NDA Government, instead of providing security to the Pundits thought, is fit to provide facilities for their mass migration. He could have intensified counter militancy and protected the vulnerable Pundit community. Why this was not done?

Today, ‘What about Kashmiri Pundits?’ needs to be given a serious thought away from the blame game or using it as a hammer to beat the ‘Muslims of India’ or human rights defenders? The previous NDA regime (2014) had thought of setting up enclosures of Pundits in the Valley. Is that a solution? Solution lies in giving justice to them. There is a need for judicial commission to identify the culprits and legal measures to reassure the Pundit community. Will they like to return if the high handed stifling atmosphere, with large number of military being present in the area? The cultural and religious spaces of Pundits need to be revived and Kashmiryat has to be made the base of any reconciliation process.

Surely, the Al Qaeda type elements do not represent the alienation of local Kashmiris, who need to be drawn into the process of dialogue for a peaceful Kashmir, which is the best guarantee for progress in this ex-state, now a Union territory. Communal amity, the hallmark of Kashmir cannot be brought in by changing the demographic composition by settling outsiders in the Valley. A true introspection is needed for this troubled area. Democracy is the only path for solving the emigration of Pundits and also of large numbers of Muslims, who also had to leave the valley due to the intimidating militancy and presence of armed forces in large numbers. One recalls Times of India report of 5th February 1992 which states that militants killed 1585 people from January 1990 to October 1992 out of which 982 were Muslims and 218 Hindus.

We have been taking a path where democratic norms are being stifled, and the promises of autonomy which were part of treaty of accession being ignored. Can it solve the problem of Pundits?

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News Network
March 7,2020

Mysuru, Mar 7: Karnataka Minister for Medical Education K Sudhakar on Saturday said that State Government may consider suspending the touch-based Biometric time and Attendance system for its employees in view of the COVID-19 threat.

Speaking to media persons while inspecting the medical infrastructure at KR Hospital here on Saturday, he said that many IT companies have already suspended the Biometric Attendance system in a bid to prevent the spread of the virus. Given the threat perception, the government was also contemplating the same and would consider it. However, he did not specify the date.

With regard to the preparedness to handle the threat, the Minister said the government was extremely cautious since last 20 days and had taken all precautionary measures. “All international passengers at the airport are being screened and so far nearly 1 lakh passengers have been screened and anyone with symptoms will be quarantined for 28 days.’’

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