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 Hemant Kumar Pammi, joined the Bank as Chief Operating Officer in August 2024. His experience spans over 35 years in SBI, with expertise in Credit, Retail Banking, Forex, etc. Previously, he held various positions as MD & CEO of SBI Global Factors Ltd, Joint CEO of Jio Payments Bank Ltd (a JV between SBI and Reliance Industries Ltd.), GM of Corporate Clients Group at Mumbai & Delhi, General Manager of a large Network in SBI, leading a team of over 6000 personnel and 600 branches with aggregate business of over Rs. 1,00,000 Cr.
