27 Dec 2016

e-Khaliyan

Three "Golden" Companies Which Hold More Gold Than The Entire Australia

Anyone would be surprised by hearing that just three companies are holding more gold than an entire continent or if I say that they hold nearly  half of India's gold reserves. Yes its as weird as it sounds but thats what the figures reveal. Three Kerala companies which are also the India's top gold loans companies have witnessed around 35% hike in its holding of the yellow metal in the last two years . all the three companies namely Muthoot Finance , Manappuram Finance and Muthoot Fincorp hold nearly 263 tonnes of gold as per data received this september in comparision to 195 tonnes two years ago.


This means that the three companies hold nearly half i.e. 47 % of India's total gold reserve of  558 tonnes. According to the figures of the world gold council India has 11th largest gold reserve in the world .  India accounts for approximately 30 per cent 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.
Image result for muthoot finance, muthoot fincorp amd manappuram


With 8,134 tonnes of gold U.S heads the yellow metal department followed by Germany and International Monetary Fund ( IMF ) . The gold holdings of India's largest gold loan company i.e. Muthoot Finance holds 150 tonnes of gold which is more than the gold reserves of many countries like Singapore (127.4 tonnes), Sweden (125.7 tonnes), Australia (79.9 tonnes), Kuwait (79 tonnes), Denmark (66.5 tonnes) and Finland (49.1 tonnes).



Non Banking Finance Companies ( NBFC ) said that their business went down due to demonetization but later on they have gained momentum again and have seen increase in their business so far.