Kochi: Three gold loan companies -- Muthoot Finance, Manappuram Finance and Muthoot Fincorp -- in Kerala jointly hold nearly 200 tonnes of gold jewellery, much higher than the gold reserves of some of the richest nations that include Singapore, Sweden or Australia.
The trio's combined holdings total 195 tonnes. As per the details, Muthoot Finance holds 116 tonnes of gold as security for its loans where as Manappuram Finance and Muthoot Fincorp have 40 tonnes and 39 tonnes, respectively.
Singapore's gold reserves are 127 tonnes, Sweden's 126 tonnes, South Africa's 125 tonnes and Mexico's 123 tonnes.
Muthoot Finance is also the state's largest gold loan company which holds more gold 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.
In Kerala, nearly two lakh people are employed in the gold industry.
The metal's fungibility makes it an ideal collateral for over the-counter loans.
