From 195 tons of gold holdings 2 years ago, the amount has increased to 263 tons for the 3 largest gold loan companies in Kerala, India. The combined amount of gold with them is more than the reserves of some rich nations.
Manappuram Finance, Muthoot Finance, and Muthoot Fincorp are the 3 largest gold loan companies and together hold 263 tons of gold. This gold is more than the gold reserves of Singapore, Belgium, Australia, and Sweden.
India holds more or less 30% of the total gold. Moreover, gold plays an important role in the life of Indians. It is a tested and true source of insurance for billions of families, which are not familiar with other social securities. Speaking of Kerala, the gold industry alone provided over 2 lakh job opportunities.
Muthoot Finance is the largest company that accounted for gold holdings in Kerala. For the last 2 years, the company has grown its gold holding from 116 tons to 150 tons. This is comparatively more than Sweden (125.7 tons), Singapore (127.4 tons), Australia (79.9 tons), Denmark (66.5 tons), Kuwait (79 tons), and Finland (49.1 tons). The other two giants—Muthoot Fincorp and Manappuram Finance hold 46.88 and 65.9 tons, respectively. Altogether, these 3 leading players hold 262.78 tons of gold. Isn’t that appreciable?
According to the World Council of Gold, India holds 11th position in the list of largest gold reserves making a contribution of 558 tons. The U.S. holds the top position with 8,134 tons followed by Germany and IMF with 3,378 tons and 2,814 tons, respectively.
Well, by seeing these numbers, it is sure that India is not a poor country after all.