RBI Grants Scheduled Bank Status to Coastal Local Area Bank

Key facts

• Coastal Local Area Bank Limited, headquartered in Vijayawada and the first bank of its kind in the country, has attained Scheduled Bank status.
• The bank has been providing banking services for the past 26 years.
• The Scheduled Bank status is expected to strengthen the bank's institutional standing, enhance public confidence and facilitate access to money market operations and RBI liquidity facilities.
• At the end of FY 2025-26, Coastal Bank's deposits stood at Rs 994.72 crore and advances at Rs 910.05 crore.
• Deposits grew 16.25 per cent and advances grew 22.88 per cent compared with FY 2023-24.
• The bank reported a net profit of Rs 19.30 crore and a net worth of Rs 198.08 crore, with net NPA at 0.21 per cent.
• The bank's Capital to Risk-weighted Assets Ratio (CRAR) stood at 24.81 per cent, well above the RBI-mandated benchmark of nine per cent.
• Coastal Bank currently operates 57 branches across 12 districts.
• The bank has RBI approval to expand into Vizianagaram, Prakasam and Khammam districts and open 13 additional branches.
• B Venugopal Reddy is the Managing Director and CEO of Coastal Local Area Bank.