Coastal Local Area Bank Limited achieves Scheduled Bank status
Coastal Local Area Bank Limited has been granted Scheduled Bank status by the Reserve Bank of India. This status allows the bank to expand its operations and improve its financial services for customers.
Why it matters
Scheduled status provides a bank with greater credibility and access to central bank facilities, impacting regional financial inclusion.
Coastal Local Area Bank Limited, headquartered in Vijayawada, has been accorded Scheduled Bank status following its inclusion in the Second Schedule of the Reserve Bank of India Act, 1934, according to a notification issued by the Reserve Bank of India (RBI) on Friday (September 4, 2026).
Announcing the development, the bank’s Managing Director and CEO, B. Venu Gopala Reddy, said the recognition marked a significant milestone in the 26-year-old institution’s journey and reflected its financial strength, sound governance and sustained focus on regional banking.
With the new status, the bank intends to reach new customer segments and institutional depositors, increase its current account and savings account (CASA) deposits and reduce the cost of deposits. The resulting benefits would, in turn, be passed on to lending customers, the management said.
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