George Lamannil, Executive Director and General Counsel, Muthoot Pappachan Group, the parent company of Muthoot Fincorp, said, "Unfortunately spurious and low purity gold is being detected not only with financial institutions, but the market in general. Still the number of such cases is within anticipated averages." Industry claims the amount of gold in Indian households at 20,000 tonnes and less than 1 percent of that number has been monetized by organized sector. Several gold loan companies possess growth of 80 percent in their loan books, with a rising requirement approaching from places beyond South India, where gold loans have been well-liked. Manappuram Finance's profits more than doubled for the half year ended September; 2011.in spite of rising reputation, guaranteeing absolute safety of the precious metal continues to be tricky. Muthoot said, "Our audit staff verifies gold in every branch. But complete assurance is impossible."