FM Sitharaman and CM Naidu lay foundation for new PSU bank and insurance offices in Amaravati

Union Finance Minister Nirmala Sitharaman and Andhra Pradesh Chief Minister Chandrababu Naidu laid the foundation stone for offices of 15 public sector banks and insurance companies in Amaravati. The Rs 1,328-crore projects are expected to create 6,541 jobs and boost the capital’s development

Amaravati: Union Finance Minister Nirmala Sitharaman and Andhra Pradesh Chief Minister Chandrababu Naidu on Friday laid the foundation stone for new offices of 15 public sector banks and insurance companies.

The projects involving financial institutions such as SBI, LIC, NABARD, and others, will see a combined investment of Rs 1,328 crore with the potential to generate 6,541 jobs in the region.

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“Amaravati, which started with scientific consultations, requires financial support, and with that objective in mind, the foundation for 15 financial institutions was laid…” Sitharaman told the gathering.

She described the gathering of all major PSU banks and insurance companies on one financial street as a historic first for any State capital in India. Thanking the heads of these financial institutions for turning up on a single day, the FM praised the Chief Minister‘s efforts in restarting the stalled capital project, likening it to ‘Brahma Yagna’ (a herculean task).

She also highlighted the Prime Minister’s support for the initiative. “Building a new capital with a detailed plan is not an ordinary achievement… I am very confident that it will be very soon emerge as a robust capital for a very prosperous state of Andhra Pradesh,” she said.