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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 13,2020

Bengaluru, Jul 13: The Bruhat Bengaluru Mahanagara Palike (BBMP) has initiated the process of recruiting 1,700 medical professionals, doctors, staff nurses and support staff to scale up its workforce to set up 30,000 COVID-19 care beds, an official said on Sunday.

According to the official, to establish and run 30,000 COVID care beds, 1,800 doctors and 3,600 nurses are required. A 10,100-bed facility was set up last week in the Bengaluru International Exhibition centre (BIEC) on Tumkur road.

The Health Department has calculated that one doctor per shift is needed for every 100 patients and one staff nurse for every 50 patients. Similarly, two supporting staff and three Group D employees are needed per shift for every 100 patients. Generally, a day is divided into three shifts of eight hours each.

According to the director of medical education, there are 25,000 nursing students who have completed GNM and BSc Nursing courses and are pursuing higher education.

Likewise, there are 3,231 medical, dental and Aayush interns, while MD and MS postgraduate students have been identified to be 1,613 in Bengaluru colleges.

"The department plans to actively utilise the services of interns and postgraduate students for the COVID Care Centre (CCC) operations," said the official.

Currently, there are 2,100 CCC beds operational under the civic body in Bengaluru with a pool of 503 doctors, 167 ayush doctors, 128 nursing and paramedical staff.

Earlier in May, the civic body also notified the recruitment of 380 microbiologists, technicians and data entry operators for six months. In June, the civic body again notified the recruitment of 637 doctors, nurses, technicians and group d employees to strengthen its fight against the pandemic.

Bengaluru has recently seen a spike in COVID-19 in Karnataka, accounting for 61% of all active cases in the state.

On Saturday, the city reported 1,533 new cases, taking its total tally to 16,862, of which 12,793 are active.

Karnataka recorded 2,798 more coronavirus cases and 70 more casualties on Saturday evening, raising the state's total cases to 36,216 and the death toll to 613.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
April 22,2020

Newsroom, Apr 22: Dozens of Tablighi Jamaat members from across the country who have been successfully recovered and have now tested negative for the novel coronavirus have come forward and donate their plasma for the treatment of Covid-19 patients.

The Tablighis from Tamil Nadu were the first to take this decision. According to them, apart from helping the critically ill patients to recover from COVID-19, was to counter the ‘baseless accusations’ that Tablighis were responsible for the spread of the virus following the religious congregation of the sect held at Delhi’s Nizamuddin area last month.

Mohammad Abbas, a thirty-eight year old businessman from Tiruppur was on Sunday discharged from Coimbatore’s ESI hospital. “As soon as I got discharged, I met the district administration officials and the dean of the hospital and told them that they may contact me anytime if they needed me to donate my plasma,” Abbas was quoted as saying by an English daily.

“It has only been one day since I was discharged but I’ve already spoken to others (from the Jamaat) who have recovered and they were all ready to donate,” he added. 

Leader's call

Maulana Saad Kandhalvi, a prominent leader of Tablighi Jamaat, who has been booked by the Delhi Police for holding a religious congregation, too has appealed to coronavirus survivors to donate blood plasma for infected people.

In a letter issued on Tuesday, Saad said most of the members who were quarantined did not have any infection and they tested negative for COVID-19.

"Even from amongst the ones who tested positive for the disease, a majority of them have now undergone treatment and are now cured while I and a few others are still under quarantine.

"It is required that such people who are now cured of this disease should donate blood plasma to others who are still fighting the disease and are under treatment," he said.

He also has urged the followers of the organisation to pray at home in the month of Ramadan instead of going to mosques. 

Plasma therapy

Convalescent Plasma Therapy is an experimental procedure for COVID-19 patients.

In this therapy, the antibodies of a person who has recovered from the virus are taken and transfused into a sick person (having the virus) to help boost the person’s immune system.

The recovered COVID-19 patient’s blood develops antibodies to battle against COVID-19.

Once the blood of the first patient is infused to the second patient, those antibodies will start fighting against the coronavirus in the second person.

The process for donating plasma is similar to donating blood and takes about an hour.

Several countries around the world including the United Kingdom and the United States have also started plasma therapy trials.

In India, several states like Kerala, Gujarat and Punjab have already started using Plasma Therapy for the corona-infected patients.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
February 18,2020

New Delhi, Feb 18: The Rashtriya Swayamsevak Sangh is holding a daylong meeting with 70 columnists from across India on Tuesday in an effort to clear misconceptions about the organisation, sources said.

RSS chief Bhagwat, who last year met representatives of international media organisations posted in India, is expected to deliver a keynote address that will be followed by a free-flowing conversation, they said.

The 70 columnists attending Tuesday's meeting write in different languages.

The meeting, in Chhattarpur in New Delhi, is a closed-door meeting and the proceedings are "strictly confidential", the sources said

Comments

sharief
 - 
Wednesday, 19 Feb 2020

You do whatever circus,  false will never be truth.

 

First of all know what is your VEDA and set as example by following.

 

No need to do any false circus.

 

 

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.