Foundation Stones For 15 Bank Headquarters To Be Laid in Amaravati Today
The combined investment exceeds ₹1,300 crore and is expected to generate more than 6,500 jobs.
Vijayawada:Union Finance Minister Nirmala Sitharaman, Chief Minister N. Chandrababu Naidu, Deputy Chief Minister K. Pawan Kalyan and Minister for Education, IT and Electronics Nara Lokesh will on Friday lay the foundation stones for the headquarters of 15 banks at the APCRDA office in Amaravati.
As part of the state’s plan to develop Amaravati into a major financial and economic hub, the APCRDA has allotted land to Andhra Pradesh Grameena Bank, Central Bank of India, APCOB, Bank of India, Canara Bank, State Bank of India, Union Bank of India, Bank of Baroda, Indian Bank, NABARD, Punjab National Bank, Indian Overseas Bank, IDBI Bank, the Life Insurance Corporation of India and the New India Assurance Company Limited. These headquarters will be established across Uddandarayunipalem, Velagapudi, Rayapudi and Lingayapalem, forming the core of Amaravati’s proposed financial district.
The combined investment exceeds ₹1,300 crore and is expected to generate more than 6,500 jobs. Andhra Pradesh Grameena Bank will invest ₹256 crore and create 1,000 jobs; the Central Bank of India will invest ₹40 crore and create 300 jobs; APCOB will invest ₹200 crore with an estimated 400 jobs; Bank of India will invest ₹40 crore and generate 200 jobs; and Canara Bank will invest ₹50 crore and create 300 jobs. The State Bank of India will invest ₹300 crore and generate 2,000 jobs, while Union Bank of India will invest ₹50 crore and create 160 jobs. Bank of Baroda’s investment stands at ₹60 crore with 300 jobs; Indian Bank will invest ₹40 crore and create 105 jobs; NABARD will invest ₹90 crore and generate 160 jobs; Punjab National Bank will invest ₹15 crore and create 150 jobs; Indian Overseas Bank will invest ₹4 crore with 65 jobs; IDBI Bank will invest ₹50 crore and create 215 jobs; LIC will invest ₹22 crore and add 1,036 jobs; and NIACL will invest ₹93 crore with 150 jobs.
Officials said the initiative will allow banks to consolidate their operations in Amaravati instead of continuing from rented premises elsewhere, thereby boosting the city’s emergence as a financial hub. The presence of the Union Finance Minister at the ceremony underscores the Centre’s support for developing Amaravati into a major financial district and accelerating economic growth in Andhra Pradesh.
