Union Finance Minister Nirmala Sitharaman has confirmed that Amaravati is set to receive strong financial backing from India’s major public-sector banks and insurance companies as part of the government’s renewed push to develop the city into a major financial centre. During her visit to Andhra Pradesh, Sitharaman laid the foundation stones for new office complexes of 15 banks and insurance firms, marking a significant step in reviving Amaravati’s earlier vision as a world-class administrative and financial hub.
Key Highlights
- Public-sector banks and insurance firms commit major investments to support Amaravati’s development as a financial hub.
- New office projects worth ₹1,334 crore expected to create 6,500 jobs and boost regional growth.
According to the minister, these institutions are not merely setting up physical infrastructure, but are committing long-term financial and operational support to Amaravati’s development plan. The new facilities will be spread across key regions including Uddandarayunipalem, Rayapudi, Lingayapalem, and Velagapudi, forming the basis of what she described as a future “Banking Street” for the capital city.
The combined investment from these institutions is estimated at around ₹1,334 crore, and the projects are expected to generate nearly 6,500 jobs, strengthening employment opportunities and boosting local economic activity. Sitharaman, accompanied by Andhra Pradesh Chief Minister N. Chandrababu Naidu, urged banks and insurance companies to align their services with the state’s developmental priorities. She emphasised the need for improved credit access and support for farmers, small businesses, logistics, cold-chain networks, and other value-addition sectors.
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Sitharaman added that building a dedicated financial district in Amaravati will not only elevate Andhra Pradesh’s economic profile but also send a strong signal to investors about the region’s stability and growth potential. With major national institutions committing resources, the government believes Amaravati is now better positioned to evolve into a modern, well-planned financial hub.
