New Financial Hub Takes Shape in Amaravati

Union Finance Minister Nirmala Sitharaman and Andhra Pradesh Chief Minister Chandrababu Naidu laid the foundation stone for new offices of 15 public sector banks and insurance companies, marking a combined investment of Rs 1,328 crore. This initiative aims to bolster Amaravati's development into a significant financial hub.

In a significant move for Andhra Pradesh, Union Finance Minister Nirmala Sitharaman and Chief Minister Chandrababu Naidu laid down the foundation stone for 15 new offices of public sector banks and insurance companies on Friday.

This ambitious project, involving major financial institutions like SBI, LIC, and NABARD, will bring in a combined investment of Rs 1,328 crore, potentially creating 6,541 jobs in the region. The officials expressed optimism about Amaravati's potential as a financial hub.

Nirmala Sitharaman commended the gathering of prominent financial leaders, asserting the project's importance as a historic first for any state capital. She praised the Chief Minister's efforts and highlighted the Prime Minister's backing, emphasizing confidence in Amaravati's transformation into a prosperous state capital.

(With inputs from agencies.)