Coastal Local Area Bank Limited achieves Scheduled Bank status

Coastal Local Area Bank Managing Director and CEO B. Venu Gopala Reddy and other bank officials addressing a press conference in Vijayawada on Monday. | Photo Credit: G.N. RAO 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.The bank currently operates through 57 branches across 12 districts. The bank has recently received RBI approval to extend its operations to Vizianagaram, Prakasam in Andhra Pradesh and Khammam district in Telangana, and to open 13 additional branches, according to the management. Published - September 07, 2026 09:51 pm IST