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Interest rate on small savings plans higher than PPF, NSC, according to RBI

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NEW DELHI: By keeping small savings rates stable for six quarters, the government pays between 47 and 178 basis points (100 basis points equals one percentage point) higher than the parking funds in the public provident fund , the national savings certificate or office term deposits, the Reserve Bank of India (RBI) announced on Monday.
Interest rates on small savings plans must be revised quarterly according to an agreed formula that offers a spread over the average yield on government securities for a comparable maturity.
For example, in the case of the very popular PPF, which comes with a 15-year lock-in, a spread of 25 basis points is allowed.
After factoring in the 6.38% average yield on G-sec at comparable maturity, the government is expected to offer 6.63% in the current quarter, but instead pays 7.1%, estimates RBI ( See table).

Since investing up to Rs 1.5 lakh per year in several schemes comes with tax benefits, the returns are higher.
The status quo – despite easing deposit and credit rates – offers comfort to the middle class and high income earners, but puts pressure on banks when it comes to moping deposits, which RBI has said in the past but refrained from doing so while pointing to the discrepancy in his Monthly Bulletin, released on Monday.
He only indicated that between March 2020 and September 2021, deposit rates fell by up to 180 basis points on shorter maturities (up to one year), with the weighted average rate on domestic term deposits falling by 135 basis points (March 2020 to August 2021).
In fact, between March 2020 and September 2021, foreign banks cut deposit rates by up to 195 basis points, while public players offer 85 to 157 basis points lower, depending on the deadline.
During this period, lending rates also declined, with the one-year median marginal cost of funds-based lending rates for programmed commercial banks falling by 103 basis points, with the cost of funds also falling.
In March, the finance ministry announced a sharp drop in children’s savings rates for the April to June quarter – from 50 to 100 basis points – but the decision was overturned within hours amid protests, which also coincided with legislative elections in the states, including the West. Bengal, the biggest contributor to the prize pool. The government has since chosen to play it safe and leave rates unchanged.


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Lincoln Savings Bank Announces New Hires | Exclusive

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WATERLOO – Toni Porter has been hired as LSBX Operations Specialist at Lincoln Savings Bank Techworks Central Campus. Porter grew up in Waterloo and has an Associate’s Degree in Applied Science in Accounting. As an Operations Specialist, she will be responsible for providing support through data entry, client maintenance, transaction disputes and movement of funds for LSB’s Fintech partners.

Hope Jacobs was hired as a Financial Intelligence Unit Analyst at Lincoln Savings Bank Techworks Central Campus. Jacobs, who grew up in South Dakota, holds an associate’s degree in applied science and has over eleven years of experience in the financial industry. She will be responsible for completing the day-to-day efforts to ensure the bank is compliant with BSA / AML, OFAC, Identity Theft and Fraud programs.

Renee Carpenter was hired as a Financial Intelligence Unit Analyst at Lincoln Savings Bank Techworks Central Campus. Originally from Waterloo, Carpenter holds an Associates of Art in Business degree and has worked in the finance industry for over twenty years. As a FIU Analyst, she will be responsible for completing the day-to-day efforts to ensure the bank is compliant with BSA / AML, OFAC, Identity Theft and Fraud programs.

Troy Finnegan was hired as a credit analyst at Lincoln Savings Bank Techworks central campus. Finnegan attended Buena Vista University in Storm Lake, IA, where he studied Marketing and Finance and joined LSB as an intern. In his new role, he will work closely with lenders to analyze loans, assist with credit approvals and monitor completed transactions.


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Union Savings Bank about to enter Cleveland Market with Independence branch

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Louis Beck, president of Union Savings Bank of Cincinnati, plans to open an office for mortgage loan officers and associated staff while seeking regulatory approval for a branch and city approval for service at flying into the building the bank just bought from Independence.

“This will be our home office there,” Beck said in a telephone interview. “We’ve made loans there but we’ve never had a presence (in Cleveland). We’re going to set up and grow from there. It’s a giant leap for us, and some of our members. will move in soon. go to Cleveland. “

It simply sets the appeal of the market.

“It’s such a huge geographic area,” Beck said. “You really see it when you hover over it. It’s a big market nearby for us not to be there.”

After obtaining regulatory approval, USB, as Union Savings generally refers to itself, will establish a branch in the three-story building at 6400 Rockside Road, which it purchased on September 29 for $ 3.99 million. of dollars. But its objective is not so much the deposits as the presence. The building has significant office space that the previous owner, a group of Columbus investors, had emptied to attract a new tenant that USB can quickly outfit for mortgage operations.

It will house loan officers, loan processors, underwriters and appraisers, as well as approximately five people in the branch. It will manage other aspects of the business from its central operation. USB doesn’t sell its loans but keeps them for service, which Beck said it does to provide better customer service.

“I’m going to make a prediction,” Beck said. “We will be disappointed if we don’t have more than 40 people in this branch and don’t make 3,000 loans a year.”

One surprise is that USB will focus on the Cleveland market first and does not have any offices in the Akron area at this time.

By loans, he means home purchase loans, refinances, and equity loans.

“We only do one thing, residential mortgages and some business on a relationship basis,” Beck said. “We work directly with consumers, all online like (Rocket Mortgage) and traditional loan officers who meet people. We have found people who like to deal with people and pay $ 250 or $ 500 to take out a loan. The theme is low closing costs. With low interest rates, some people feel overwhelmed by the fees. “

USB had $ 1.98 billion in secured residential loans for one to four families, according to data from Federal Deposit Insurance Corp. to June 30. In terms of size among Ohio lenders, this is clearly a David among the Goliaths.

Despite this, USB has 35 full-service branch and loan offices in Ohio, Indiana, Kentucky, and Pennsylvania, and more than 500 employees.

USB dates from 1895 and is owned by Beck and his business partner Harry Yeaggy. The two also own the smaller Guardian Savings Bank, based in Cincinnati.

USB and Guardian were spanked by the US Department of Justice in 2016, when they agreed to spend $ 9 million on loans in certain markets to increase investment in minority areas of Indiana and the United States. ‘Ohio. The DOJ accused companies of providing mortgages in areas predominantly with white borrowers to a greater extent than in minority areas. The banks’ CRA rating was satisfactory, according to a performance review of the Community Reinvestment Act of February 2020.

For his part, Beck said that USB provides loans in under-represented areas. Over time, he said, the company found it might be surprised at the niches that enterprising loan officers were developing; he used to worry about saturating a market with loan officers, but not anymore.

Beck said they’ve decided Cleveland’s footprint is a better match for USB. The two are also partners in real estate businesses, including Janus Hotels and Resorts of Cincinnati.

Among Janus’ properties are the Holiday Inn and Springhill Suites in Independence at the northeast corner of the I-77 and Rockside Road interchange.

It also gives this real estate developer turned banker a different perspective on the Cleveland area and its slow growth patterns compared to Columbus, Cincinnati and Indianapolis.

“This exchange only gets better over time,” Beck said. “You don’t usually see that with freeway interchanges.”

Jessica Hyser, director of economic development for the City of Independence, said in a phone interview that the city is excited to see Union Savings buy and occupy the building, given the challenges of the office market in the era of the pandemic. working from home.

Beck’s is buying more properties for a related business where it already has hotel business, she said, validating the suburb’s value in terms of its central location and business-friendly position.

The seller of the 34,000 square foot building had initially sought to lease USB space. However, Jake Crocker, a managing member of the Columbus-based investor group 6400 Rockside LLC, said in a telephone interview that he found out that USB preferred to own the building rather than lease space.

“So like all good deals, we found a win-win solution for them and for us,” Crocker said. “We did a bit and they were happy with the price.”

When asked how USB expects to cope with the competitive residential mortgage market in Northeast Ohio, Beck downplays the question. He saw more competition.

“When we got involved, there were 264 savings and loans in Cincinnati,” Beck said, and only a handful remain in business.


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Elmira Savings Bank Elmira NY (ESBK) gains 0.18% in Light Trading on October 15

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Today, stock of Elmira Savings Bank Elmira NY Inc (NASDAQ: ESBK) gained $ 0.041, an increase of 0.18%. Elmira Savings Bank Elmira NY opened at $ 22.69 before trading between $ 22.93 and $ 22.69 throughout Friday’s trading. The activity saw Elmira Savings Bank Elmira NY’s market cap rise to $ 44,664,316 on 7,092 stocks – below their 30-day average of 34,531.

About Elmira Elmira NY Savings Bank

Elmira Savings Bank, with total assets of $ 684.4 million, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state chartered bank with five offices in Chemung County, NY; three offices in Tompkins County, NY; two offices in Steuben County, NY; an office in Cayuga County, NY; an office in Schuyler County; and a loan center in Broome County, NY.

Visit Elmira Savings Bank Elmira NY Profile for more information.

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BlackRock beats third quarter earnings estimates, but asset growth flattens

BlackRock Inc topped third quarter earnings estimates, helped by high performance fees and strong demand for its actively managed and sustainable funds, even as market volatility kept the world’s largest fund manager from increase its assets under management.

Asset managers have benefited from the surge in global financial markets in recent quarters as investors put money to work, making the most of the post-pandemic economic reopening, driven by advances in vaccinations and a strong fiscal and monetary assistance.

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JPMorgan misses third quarter revenue, beats profit estimates with one-off items

JPMorgan Chase posted a 24% rise in third-quarter profits on Wednesday, largely thanks to one-off items that boosted results as the bank struggled to increase revenue with interest rates close zero.

The country’s largest bank by assets said it made a profit of $ 11.69 billion, or $ 3.74 per share, compared to profit of $ 9.44 billion, or $ 2.92 per share. share, during the same period a year earlier. The bank had two one-time items that helped boost profits this quarter: a $ 566 million tax break and the release of $ 2.1 billion from its troubled loan books, which JPMorgan does every three months. since the US economy began to recover from the pandemic.

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Emerson Electric to Merge Industrial Software Companies with Aspen Technology

Industrial software maker Emerson Electric Co (NYSE: EMR) will merge two of its businesses with smaller rival, Aspen Technology Inc (Nasdaq: AZPN), in an $ 11 billion deal.

The cash and stock transaction announced on Monday values ​​AspenTech at around $ 160 per share, a 27% premium from its October 6 close, before Bloomberg News first reported on the talks between the two. companies.

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About the Nasdaq Stock Market

The Nasdaq Stock Market is a global leader in trading data and services, as well as the listing of stocks and options. The Nasdaq is the world’s largest stock exchange for options volume and is home to the five largest US companies – Apple, Microsoft, Amazon, Alphabet and Facebook.

For more information on Elmira Savings Bank Elmira NY and to keep up with the latest company updates, you can visit the Company Profile page here: Elmira Savings Bank Elmira NY’s Profile. For more information on the financial markets, be sure to visit Equities News. Also, don’t forget to sign up for the Daily Fix to get the best stories delivered to your inbox 5 days a week.

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LARC receives grant from Thomaston Savings Bank Foundation for art workshops

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TORRINGTON – LARC received a grant from the Thomaston Savings Bank Foundation to fund an art workshop at the Five Points Center for the Visual Arts. Twelve people from LARC’s Day Support Option (DSO) attend a weekly hour-long class at the new Five Points Arts Center on University Drive in Torrington. Classes are taught by Noel Croce, Associate Director, who has worked with Five Points Gallery for many years.

“We are delighted to be working with LARC,” said Noel Croce. “It’s always a pleasure to teach enthusiastic students about the lessons. “


Art has always been a part of the day program at LARC. According to Erin Tierney, Director of DSO, “This is a new level of teaching and having an experienced art teacher who for many years has worked with students with special needs, makes a big difference. The students really appreciate the hour we spend at the center.

Individuals experiment with different mediums of painting as well as a variety of subjects. The workshop introduces participants to a variety of art making techniques and materials. Through demonstrations, individualized attention, sensory explorations and mixed media, participants explore artistic creation at their own pace, using media suited to their needs. Throughout the 12 weeks of the workshop, participants will create paintings, drawings and other finished works of art where they can explore the art and express themselves! At the end of the workshop, the created works of art will be displayed as part of a two-week exhibition at the Five Points Annex on Water Street in downtown Torrington.

The workshop is made possible by a grant awarded to LARC by the Thomaston Savings Bank Foundation. “We are thrilled to be part of the partnership between Five Points and LARC,” said Cheryl Lindstrom, Thomaston Saving Bank, Community Outreach Manager. “The workshop will offer a rich opportunity for self-expression. It is exciting to witness the collaborative efforts of the not-for-profit sector in Torrington. Initiatives like this go a long way in strengthening the community.

The Five Points Center for the Visual Arts is designed as a dynamic fulcrum for cutting-edge exploration and community activity. The property is transforming into a world-class art center unlike any seen before in Northwest Connecticut.

The Five Points Gallery, located in downtown Torrington, is a permanent 501 (c) (3) nonprofit visual arts organization dedicated to the belief that contemporary art is an essential part of human understanding. In 2013, the new gallery, named after its location at the five-point intersection in the heart of downtown Torrington, expanded to become an adjacent storefront creating an adjoining 3,800 square foot space comprised of three beautifully renovated galleries. The Gallery puts on new exhibitions every six weeks featuring professional regional, national and international visual artists. Since opening, the gallery has exhibited over 800 artists and boasts submissions from artists from all over the world, including China, Russia, Japan, Israel, Greece, England, Denmark, Germany. , France and 49 states in the United States. Equally impressive is the guestbook.


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Equicom Savings Bank chooses FSS to fight online fraud

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Equicom Savings Bank (EqB), a leading bank in the Philippines, has selected FSS (Financial Software and Systems) to tackle online fraud and drive the growth of e-commerce.

The FSS said it will provide Secure3D, a smart payment authentication solution, to EqB consumers to transact in the digital economy.

E-commerce transactions in the Philippines are expected to grow from $ 4 billion in 2020 to $ 15 billion in 2025.

The vectors of fraudulent attacks have become increasingly sophisticated and costs are increasing, accounting for 2.03% of overall annual revenue. FSS Secure3D, inspired by EMVCo 3.2 guidelines, will help Equicom verify customer identity and report fraudulent transactions before a payment transaction is authorized.

FSS Secure3D leverages rich data streams exchanged between merchants and issuers to continuously learn customer transactional DNA and assess risk based on a combination of attributes related to location, merchant, transaction and the device.

FSS Secure3D dynamically provides additional verification controls such as biometric identification or a one-time passcode for high risk transactions. FSS offers authentication as a service on FSSNeT, where FSS takes responsibility for implementation, integration, certification, testing and technical operations.

Tested to process 8,000 transactions per second, FSS Secure3D ensures faster processing time and higher sales conversion. FSS Secure3D is certified by EMVCo and key card systems like Visa, MasterCard and Amex.


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