Since the beginning of time, man has craved it. The Egyptian hieroglyphics eulogised it. The elders of Biblical New Jerusalem paved their streets with it. Mahmud of Ghazni plundered dozens of South Asian sultanates for it. The Red Indians and Spanish conquistadores killed each other along the American Prairie in its cause. And at Zaveri Bazaar, Mumbai, hundreds of middle-class Indians are now queuing up to sell it.
In southern India, the opportunity has been tapped by the organised sector too. Two Kerala-based firms, Manappuram Finance and Muthoot Finance, have large gold-loan portfolios. Over 30 lakh people have borrowed against gold from Manappuram at one time or the other, says I. Unnikrishnan, the firm’s managing director.
(This story appears in the 19 June, 2009 issue of Forbes India. To visit our Archives, click here.)
This is very Good article and gave good information....
on Oct 30, 2009This article is very nice. It provides good information. Manappuram bank providing all loans....Thanks for the great reading, we buy gold bullion in a recession. I will pass this on to our clients to read.
on Oct 29, 2009Excellent article. Very informative and topical.
on Jun 21, 2009good article
on Jun 15, 2009Gold is bound to rise. Even Yogesh Chabria has predicted that gold will double.
on Jun 15, 2009Very crisp and informative. It might be interesting to study the role of Private sector banks, initially, and by other banks, later, in popularising gold purchase an an investment tool, especially where retail investor is concerned. A second interesting area is also the use of such small denomination gold coins ( 1gm, 2gm 5gm)as gifting option. One should also look at promoting Gold ETFs SIP as a reasonable hedge against inflation ( though your article suggests that the linkage may be weakening)
on Jun 8, 2009