Coastal Bank is the first Local Area Bank licensed by Reserve Bank of India in 1999 and commenced its operations from 27th December 1999. The Bank is proud of celebrating its existence for two decades.
Coastal Bank is directly regulated by Reserve Bank of India. The Bank is subjected to regulatory supervision and control. The Bank complies with all supervisory advices/guidance.
The Bank is subjected to regulatory prescriptions such as Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), External Benchmarking of loans etc.
Deposits of the customers are insured under Deposit and Insurance Scheme of DICGC, a wholly owned subsidiary of Reserve Bank of India.
Shri MVSSN Prasad, B.Com, and fellow Member of IIB and is currently the Dy. General Manager & Chief Credit Officer. He joined Coastal Bank in October 2020, having served as Asst. General Manager in State Bank of India. During his stint at State Bank, he held positions in different geographies and has a rich and varied experience of 30+ years in Credit administration including Mid-Corporate Accounts and Retail Banking. His stints include Branch Head, Overseas Branch, Visakhapatnam, Siripuram Junction, an MSME intensive Branch, Visakhapatnam and Regional Manager in Guntur and Visakhapatnam Regional Business Offices of SBI.