Gold holding of three Kerala companies more than Australia's

December 27, 2016

Kochi, Dec 27: The gold holdings of the three largest gold loan companies in Kerala have grown from 195 tonnes two years ago to nearly 263 tonnes towards the end of September 2016. Between them, they have more precious metal in their vaults than the gold reserves of some of the richest nations.

gold
Muthoot Finance, Manappuram Finance and Muthoot Fincorp jointly hold nearly 263 tonnes of gold jewellery, which is higher than the gold reserves of Belgium, 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 two lakh people are employed in the gold industry. The metal's fungibility makes it ideal collateral for over-the-counter loans.

Over the last two years, the gold holdings of Muthoot Finance, the largest of Kerala's gold loan companies, grew from 116 tonnes to 150 tonnes. It now holds more yellow metal in its vaults than the reserves of Singapore (127.4 tonnes), Sweden (125.7 tonnes), Australia (79.9 tonnes), Kuwait (79 tonnes), Denmark (66.5 tonnes) and Finland (49.1 tonnes). There are other two big players — Manappuram Finance with 65.9 tonnes and Muthoot Fincorp with 46.88 tonnes. The combined holdings of the three are 262.78 tonnes.

India, according to World Gold Council, has the 11th largest gold reserves at 558 tonnes. The US heads the pack with 8,134 tonnes, while Germany and IMF come next (3,378 and 2,814 tonnes, respectively).

According to GFMS Gold Survey, India tops the list of countries consuming gold jewellery, with a consumption of 107.6 tonnes during Q3 of calendar year 2016. Compared to this, Europe and North America together consumed only 67.1 tonnes in the same period. China, the second-largest gold jewellery buyer in the world, consumed 98.1 tonnes over the same period.

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News Network
December 19,2025

Mangaluru: Public transport in Mangaluru is set for a state-led transformation as the government moves to deploy 100 new electric govt buses to replace unreliable private services. The initiative aims to provide a dependable alternative to private operators who have been frequently "cutting trips," leaving thousands of commuters stranded.

The announcement was made by Deputy Commissioner and MCC Administrator Darshan HV during a public phone-in session. The move specifically targets routes where private bus service has become erratic, ensuring that citizens no longer have to rely on a fluctuating private sector for their daily commute.

Restoring the Govt Presence

The transport crisis was brought to the forefront by Ramayya, a resident of Bajal, who highlighted a growing trend of private buses skipping morning and night trips. With the previous KSRTC (govt) services discontinued, residents have been left without a fallback option.

To fix this, the DC confirmed that the PM-eBus Sewa Scheme will bring 100 government-owned electric buses to the city:

•    Phased Deployment: The first 50 of the new 100 government buses are scheduled to arrive by March 2026.

•    State Infrastructure: Two new government depots, including one at Mudipu, are being prepared for operations.

•    Recruitment: The state has already begun training a new batch of government bus drivers to ensure the fleet is operational the moment it arrives.

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News Network
December 16,2025

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Melkar (Bantwal): The 9th Annual Day celebration of SMR Public School, titled “EXCELLENTIA”, was held on December 15 with great enthusiasm and dignity, marking a significant milestone in the institution’s journey towards academic excellence and holistic development.

The programme was inaugurated by Dr. U. T. Iftikar Ali. The chief guests were Dr. Akhtar Hussain, Mr. P. Moosabba Beary, Mr. Zakaria Jokattre, and Dr. T. M. Abdul Rahuf—whose inspiring addresses motivated the students and appreciated the school’s contributions to education.

Mr. Abdul Nasir, Mr. Ibrahim Gadiyar, Mr. Razak Golthamajal, Mr. Sali Koya, Mr. Arshad Hussain, Mr. Ismail Balanoor, Mr. Feroz Bawa, Mr. Sahul Hameed, Mr. Abubakkar, Mr. Hameed K. Mani, Mr. Abdul Majeed (Principal, Melkar Women’s College), and Mr. Abdul Lathief (Former Principal, Melkar Women’s College) were the guests of honour.

The Annual Report was presented by the Headmistress, Ms. Fathimathul Zaheera, highlighting the school’s achievements and progress during the academic year. The Presidential Address was delivered by the Chairman of SMR Public School, Dr. Haji S. M. Rasheed, who emphasised the vital role of education in shaping students’ futures and stressed the importance of discipline, dedication, and consistent effort in achieving 100 per cent academic results.

Secretary of SMR Public School, Mr. Rifath Ahmed, and PTA President, Mr. Sandeep Kumar, were also present on the occasion.

The Annual Day celebration showcased the collective efforts of students and teachers and reaffirmed the school’s commitment to quality education and all-round development. The programme concluded with a vote of thanks, expressing gratitude to all dignitaries, parents, and well-wishers for their support. The 9th Annual Day—EXCELLENTIA—was a memorable and successful event, leaving a lasting impression on everyone present. 

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News Network
December 7,2025

Mangaluru, Dec 7: A 34-year-old fruit and vegetable trader in Mangaluru has reportedly lost ₹33.1 lakh after falling victim to an online investment scam run through a fake mobile app.

Police said the scam began in September, when the victim received a link on Facebook. Clicking it connected him to a WhatsApp number, where an unidentified person introduced a high-return investment scheme and instructed him to download an app.

To build trust, the fraudster asked him to invest ₹30,000 on September 24. The trader soon received ₹34,000 as “profit,” convincing him the scheme was genuine. Over the next two months, he transferred money in multiple instalments via Google Pay and IMPS to different scanner codes and bank accounts shared by the scammers. Between September 24 and December 3, he ended up sending a total of ₹33.1 lakh.

When he later requested a refund of his investment and promised returns, the scammers demanded additional payments, claiming he needed to pay a “service tax” first. Even after he paid a small amount, no money was returned, and the scammers continued pressuring him for more.

A case has been registered at the CEN Crime Police Station.

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