Nirmala Sitharaman lays stone for 15 banks, insurance offices in Amaravati

Foundation laying for 15 public sector banks and financial institutions on a single day at one place is not just an act, but it is a “statement” to understand the future of Amaravati, the capital city of Andhra Pradesh, observed Union Finance Minister Nirmala Sitharaman. This will be for the first time in the country that so many public sector banks and financial institutions are going to function from one street, in a city, she said.

The Finance Minister was speaking at the foundation-laying ceremony for the headquarters of public sector banks and insurance companies near the Andhra Pradesh Capital Region Development Authority headquarters in Amaravati on Friday, amidst a huge gathering of bankers, farmers and others.

The institutions for which the foundation stones were laid are: State Bank of India, Union Bank of India, Canara Bank, Andhra Pradesh Grameena Bank, IDBI Bank, Indian Overseas Bank, Bank of India, Central Bank of India, Punjab National Bank, Indian Bank, Bank of Baroda, Andhra Pradesh State Cooperative Bank Limited (APCOB), LIC, New India Assurance and NABARD. The new headquarters will come up in the Financial City, a zone envisioned to anchor the State’s banking and financial services ecosystem in Amaravati.

The event was attended by Chief Minister Nara Chandrababu Naidu, Union Minister of State for Rural Development Pemmasani Chandra Sekhar, Andhra Pradesh Deputy Chief Minister Pawan Kalyan, HRD Minister Nara Lokesh, Finance Minister Payyavula Keshav, Municipal Administration Minister P. Narayana, and the heads of all the public sector banks and insurance companies. 

The revival of the Amaravati capital project marks a “significant and gratifying restart” for Andhra Pradesh, Ms. Sitharaman said, noting that building a new capital city is never an ordinary task. 

Modi’s support 

She said Prime Minister Narendra Modi is fully supporting the renewed construction efforts, describing the building of Amaravati as a “national yajna.” She announced that 15 public sector banks and insurance companies are establishing their headquarters in the proposed Financial City, adding that creating a cluster of major institutions in one location would strengthen the city’s economic backbone.  

Services to farmers

The Union Minister emphasised that the sacrifices of the farmers who gave their lands for the capital must never be forgotten. She urged banks to ensure hassle-free services to farmers and move beyond limiting credit support to Kisan Credit Cards, advocating broader financial benefits, including support for cold-chain, packaging and horticulture-linked industries.  

Ms. Sitharaman highlighted the nation’s progress, stating that 25 crore people have risen above the poverty line and the aspirations of the middle class are rapidly increasing. She stressed the need for better marketing and transport support for horticulture produce from Rayalaseema’s nine districts and called on banks to play an enabling role.  

Cosmos Planetarium

She also noted the Centre’s push for future-oriented projects such as Quantum Valley and AI skill centres, will go on. The Minister welcomed the MoU signed between the APCRDA and the Indian Institute of Astrophysics for the establishment of a Cosmos Planetarium in Amaravati, while adding that within the next 18 months, this city would emerge as a futuristic capital.