SBI Assures Support to Hospitality Sector in AP
Setty assured that State Bank of India would provide loans at reasonable interest rates for new greenfield projects and expansion of existing units.
Vijayawada: SBI chairman Challa Sreenivasulu Setty has assured full banking support for large-scale hospitality investments in Andhra Pradesh to ensure timely completion and operational success.
A delegation of the AP Star Hotels Association led by president R.V. Swamy met the SBI chairman in New Delhi on Monday.
The delegation informed him that Andhra Pradesh was witnessing a major expansion in hospitality infrastructure, with 40 hotel projects in the pipeline, including 18 in Amaravati.
Setty assured that State Bank of India would provide loans at reasonable interest rates for new greenfield projects and expansion of existing units.
He also proposed that the association enter into an MoU with SBI to streamline and fast-track loan appraisal and disbursement, besides creating a dedicated financing window for the hospitality sector.