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.
Smt R Nagalakshmi, LLB, ACS is the Company Secretary and Compliance Officer of the Coastal Local Area Bank having joined the Bank in May, 2021. She comes with 14 years of post-qualification experience - as a Practising Company Secretary for 7 years and as a Company Secretary & Compliance Officer in Shilpa Medicare Limited, a BSE & NSE Listed Company for 7 years. She is well experienced in handling various Corporate, Listing, Statutory and Secretarial Compliances having effectively handled various matters like Incorporation of Companies, Issue of Capital, Listing of Companies in BSE & NSE, Foreign Exchange Management and representing before the Regulators, viz., MCA, SEBI, NCLT and RBI. She has rich experience in Corporate Law matters on Amalgamation and Restructuring of Companies, Economic Offences and other Civil matters including Consumer cases.