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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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coastaldigest.com news network
May 23,2020

Mudigre, May 23: The throat swab sample of a Primary Health Care doctor at Mudigere in Chikkamagaluru district tested negative for COVID-19. 

It was wrongly tested positive for COVID-19 on May 19, clarified DC Dr Bagadi Gautham. 

The doctor's throat swab was tested again in Shivamogga and Hassan labs where it has tested negative. He will be discharged from hospital, said the DC.

All the 28 contacts of the doctor too tested negative. 

A total of 485 primary contacts and 961 secondary contacts of the doctor were quarantined after the throat swab of the doctor was tested positive. All the contacts who have been quarantined will be sent back home from quarantine centres, added DC.

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News Network
January 10,2020

Bengaluru, Jan 10: Demanding the setting up of a House Committee to probe the Mangaluru violence, former Chief Minister HD Kumaraswamy on Friday released multiple videos of the clashes that broke out during the anti-Citizenship Amendment Act protest that claimed two lives on December 19.

Janata Dal-Secular leader further demanded suspension of Police Commissioner PS Harsha and insisted that House Committee consisting of members of all the parties should be formed to probe into Mangaluru violence and said that magisterial inquiry ordered by the state government cannot be trusted.

"Constitute a House committee and produce the fact. The main culprit is the commissioner of Mangaluru, remove the officer as he is the main culprit. I am going to take this issue on the floor of the House." Kumaraswamy said during a press conference here.

Two people were killed in Mangaluru in the alleged police firing after protests against the Citizenship Amendment Act turned violent.

The Act grants Indian citizenship to refugees from Hindu, Christian, Sikh, Buddhist and Parsi communities fleeing religious persecution from Pakistan, Afghanistan, and Bangladesh who entered India on or before 31, 2014.

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News Network
June 30,2020

Bengaluru, Jun 30: Private medical colleges in Bengaluru have agreed to join hands with the Karnataka government for the treatment of COVID-19 patients.

The representatives from private medical colleges have promised the state government to provide 2000 beds immediately and another 4500 beds will be added within a week.

The development took place as Chief Minister BS Yediyurappa on Tuesday held a second round of meeting with representatives of private hospitals at Vidhana Soudha over COVID-19. 

The Chief Minister and Medical Education Minister Dr K Sudhakar held separate meetings with the representatives from private colleges administration and all the private colleges have assured to extend their support to the government decision. 

"There are 11 private and three government medical colleges in the city and we will get about 6500 beds from these for COVID treatment," Dr Sudhakar informed media after the meeting.

He further said, "These facilities including doctors and staff will be made available to the government within a week and the beds will be allocated to COVID patients through BBMP's centralised system. The insurance facility will be extended to the doctors and staff serving in these private hospitals also."

PG students in private medical colleges and other staff will be utilised in COVID Care Centres, the minister said.

"There will be some changes in the treatment protocols going forward. The decision regarding this will be taken in the meeting that will be held in the evening under the chairmanship of the CM," the minister explained.

According to him, symptomatic patients, persons aged above 60 years and those with comorbidities like diabetes, hypertension and serious kidney, liver, lungs and heart-related ailments will be admitted to hospitals. 

Other asymptomatic persons will be monitored in COVID care centres. Detailed notification with these guidelines will be released tomorrow, the minister said.

The meeting was chaired by CM BS Yediyurappa and Deputy CM Ashwatnarayana, Ministers Basavaraj Bommai, R Ashoka and senior officials were also present.

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