Union Finance Minister Nirmala Sitharaman lays foundation stones today for 28 financial institutions in Amaravati, including RBI branch, with Rs 1,334 crore investment across 27.855 acres. The event with CM Naidu boosts Andhra's capital as South India's financial hub, creating 6,500+ jobs.
Ceremony Details
At 11:22 AM near APCRDA office, Sitharaman joins CM Chandrababu Naidu, Deputy CM Pawan Kalyan, and ministers Nara Lokesh/Narayana for groundbreaking. Land allotted in Uddandarayunipalem, Rayapudi, Lingayapalem, Velagapudi for banks, insurers, regulators—shifting from rentals to permanent campuses.
Investment Breakdown
SBI leads with Rs 300 Cr (2,000 jobs), AP Grameena Bank Rs 256 Cr (1,000 jobs), APCOB Rs 200 Cr. Others: NABARD Rs 90 Cr, NIACL Rs 93 Cr, BoB Rs 60 Cr. Total spans public banks, LIC, insurance firms, forming unified ecosystem.
Key Highlights
Institutions: RBI, SBI
, Canara Bank
, NABARD, LIC, 25+ banks/insurers.
Land: 27.855 acres (9.7 public banks, 5.8 regulators, 11.6 housing).
Investment: Rs 1,334 Cr total; 6,500+ jobs.
Sites: Uddandarayunipalem, Velagapudi, Rayapudi, Lingayapalem.
Vision: Amaravati as financial/admin hub with fintech support.
Sources: Times of India, Deccan Chronicle, The Hans India.