Sitharaman 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

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 here.

“Today laid the foundation stones for Offices of Public Sector Banks & Insurance Companies along with Hon’ble Chief Minister N Chandrababu Naidu in Amaravati, Andhra Pradesh” said Sitharaman in her Facebook posting.

The foundation stones were laid for the offices of Life Insurance Corporation, New India Assurance Company, State Bank of India (SBI), Punjab National Bank (PNB), Union Bank of India, Bank of Baroda, Canara Bank, Bank of India, Indian Bank, Central Bank of India, NABARD, Andhra Pradesh Grameen Bank, Andhra Pradesh State Cooperative Bank, Indian Overseas Bank and IDBI Bank.

The projects involving financial institutions will see a combined investment of Rs 1,328 crore with the potential to generate 6,541 jobs in the region.

“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.

Naidu said he expects major capital city works to be completed by 2028, adding that seven national highways and railway routes will connect Amaravati. He reiterated that the capital is being planned as a “green and blue city”, and revealed that the government will establish a quantum computer in the upcoming Quantum Valley.