From Our Correspondent
Amaravati: Union Finance Minister Nirmala Sitharaman and Chief Minister N. Chandrababu Naidu on Friday laid the foundation for headquarters of 15 public sector banks and insurance companies in Amaravati, giving a major push to the creation of a Financial City. The projects, with a combined investment of ₹1,334 crore, are expected to generate 6,570 jobs.
As part of Amaravati’s proposed Financial District, land has already been allotted to these institutions in Uddandarayunipalem, Velagapudi, Rayapudi and Lingayapalem.
Banks setting up thier offices in Amaravati:
• AP Grameena Bank – ₹256 cr, 1,000 jobs
• Central Bank of India – ₹40 cr, 300 jobs
• APCOB – ₹200 cr, 400 jobs
• Bank of India – ₹40 cr, 200 jobs
• Canara Bank – ₹50 cr, 300 jobs
• SBI – ₹300 cr, 2,000 jobs
• Union Bank of India – ₹50 cr, 160 jobs
• Bank of Baroda – ₹60 cr, 300 jobs
• Indian Bank – ₹40 cr, 105 jobs
• NABARD – ₹90 cr, 160 jobs
• PNB – ₹15 cr, 150 jobs
• Indian Overseas Bank – ₹4 cr, 65 jobs
• IDBI Bank – ₹50 cr, 215 jobs
• LIC – ₹22 cr, 1,036 jobs
• New India Assurance – ₹93 cr, 150 jobs
On the occasion, the CRDA also signed an MoU with the Indian Institute of Astrophysics to establish a world-class planetarium on the five acres allotted by the state government.
Naidu said Amaravati’s development was “unstoppable” due to the sacrifices of capital region farmers and continued Central support. He recalled that the Union government earlier sanctioned ₹15,000 crore for capital works. The CM urged the Finance Minister to extend the exemption on capital gains for Amaravati farmers.
Sitharaman called for renewed support to farmers and asked banks to prioritise financing for horticulture infrastructure—cold storages, connectivity, packaging and exports. She praised Andhra Pradesh’s push in AI, quantum technologies and basic sciences, saying the upcoming planetarium would inspire young minds.
Deputy CM Pawan Kalyan, Finance Minister Payyavula Kesav, IT Minister Nara Lokesh, Union Minister Pemmasani Chandra Sekhar and senior bankers attended the programme.