Amaravati set to become a mini financial capital with 15 banks and insurance headquarters launched

Amaravati is poised for a major economic transformation with the foundation of 15 public sector banks and new insurance company headquarters. The historic event was inaugurated by Union Finance Minister Nirmala Sitharaman, marking a first-of-its-kind initiative in India.

The ceremony began with a grand welcome for the Finance Minister at the Capital Region Development Authority (CRDA) office, where Andhra Pradesh Chief Minister N. Chandrababu Naidu, Deputy Chief Minister Pawan Kalyan, Minister Nara Lokesh, Union Minister Pemasani Chandrasekhar, and Minister Pyyavolu Keshav were present.

Union Finance Minister Sitharaman, along with CM Chandrababu Naidu, laid the foundation stones for institutions including SBI, LIC, NABARD, and other major financial entities. The total investment for these projects is ₹1,328 crore, which is expected to create 6,541 jobs in the region.

Calling the event “historic,” Sitharaman highlighted that no other state capital in India has ever hosted 15 major financial institutions on a single street at the same time. She praised the CM for restarting the stalled Amaravati project, calling it a “Brahma Yagna,” a challenging yet significant task. She emphasized that this development has the full support of the Prime Minister and will establish Amaravati as a strong capital for Andhra Pradesh.

CM Chandrababu Naidu expressed gratitude to the farmers who gave up 34,000 acres for the capital and praised the central government’s support, including ₹15,000 crore allocated for the redevelopment. He said that with the banks and insurance offices, around 6,556 jobs will be generated, and a designated financial district has been created to facilitate large-scale economic activity.

The banks and companies setting up their headquarters include SBI, LIC, Canara Bank, Bank of Baroda, IDBI, Indian Overseas Bank, Indian Bank, Union Bank, Central Bank of India, Punjab National Bank, Bank of India, Andhra Pradesh Grameena Vikas Bank, AP State Cooperative Bank (APCOB), NABARD, and New India Assurance Company.

The event also highlighted Amaravati’s upcoming projects, including a Cosmos Planetarium in collaboration with the Indian Institute of Astrophysics and quantum computing initiatives as part of a “Quantum Valley.” The city is being developed as a fully green and blue urban center, with seven national highways and railway lines connecting it to other regions. Construction is expected to be completed by 2028.

Regarding the Polavaram project, CM Chandrababu said the central government has stepped in with funding to restructure and complete the project, which is expected to finish by 2027. Plans are also underway to channel water to Rayalaseema to support agriculture and horticulture, ensuring regional development.

Deputy CM Pawan Kalyan called the establishment of all these headquarters in one financial district a “positive signal” for economic growth and transparency. Ministers praised Finance Minister Sitharaman for her decisive support, particularly for ensuring timely allocation of funds to key projects including Polavaram, Amaravati, and the Visakhapatnam steel plant.

Union Minister Pemasani Chandrasekhar noted that Sitharaman has presented the budget eight times as Finance Minister and successfully restructured public sector banks to safeguard the financial system.

Nara Lokesh described Amaravati as a capital that has survived multiple challenges, including the attempt to divide the state across three capitals. He said the Prime Minister’s inauguration reinforces Amaravati as a strong, unified capital for Andhra Pradesh, and praised Sitharaman’s simplicity and efficiency in handling national economic affairs.

The foundation stone ceremony concluded with a dinner hosted by CM Chandrababu Naidu for Finance Minister Sitharaman, attended by key ministers and the CM’s family, reflecting the collaborative spirit behind Amaravati’s economic revival.