Union Finance Minister Nirmala Sitharaman has announced that Amaravati, the capital city of Andhra Pradesh, will become India’s first integrated Financial City. This initiative aims to bring all major financial institutions together in one location, providing a unique opportunity for banks to design and construct top-class facilities from scratch. Sitharaman, along with Chief Minister Chandrababu Naidu, laid the foundation for the construction of nationalized banks and financial institutions in Amaravati.
Several institutions, including State Bank of India, Union Bank of India, and LIC, have begun construction activities. This financial hub is expected to generate direct employment for over 6,500 people and boost future investments and economic activity across the state. Naidu urged the banking leadership to complete the projects in record time and contribute to the growth of Amaravati and Andhra Pradesh.
Sitharaman emphasized that building a new capital city is an extraordinary task, and Prime Minister Narendra Modi has extended complete support to resume the construction of Amaravati. She appreciated the vision of bringing all financial institutions together in the newly planned Financial District, which will provide strong economic backing to the city.
The minister also stressed the importance of ensuring that farmers have access to credit and other financial services. She urged banks to extend wider economic benefits to the farming community, beyond just offering Kisan Credit Card loans. Sitharaman highlighted the need for banks to adopt futuristic thinking and integrated ideas, such as promoting industries like packaging and cold-chain infrastructure, to support horticulture farmers in the region.
The Centre is also establishing training hubs in districts for Quantum Valley and AI-related projects, which will help boost the economy and create new opportunities. Overall, the development of Amaravati as a Financial City is expected to have a significant impact on the state’s economy and provide new opportunities for growth and development. With the support of the Centre and the state government, Amaravati is poised to become a major financial hub in the country.