Financial district to be developed in Amaravati

Guntur: The state government is gearing up to develop a dedicated financial district in the state capital, Amaravati. As part of this initiative, land allotment for the construction of banks and allied financial institutions has been completed.

Union finance minister Nirmala Sitharaman will visit Amaravati on November 28 to lay the foundation stone for several bank state headquarters proposed near the APCRDA head office. The state government, along with CEOs of nationalised and private banks, is making elaborate arrangements for her visit.

To fast-track the development of the financial district, the Andhra Pradesh Capital Region Development Authority (APCRDA) has initiated multiple steps. Acting on government instructions, APCRDA has allotted land for regional and zonal offices of various banks and financial bodies. Residential plots for staff quarters and associated institutions have also been provided.

According to APCRDA officials, 9.695 acre land has been allotted to public sector banks for establishing administrative, regional and zonal offices. Another 5.8 acre has been earmarked for key allied institutions such as the Reserve Bank of India, Life Insurance Corporation of India and the Income Tax department. To support staff housing needs, 11.56 acre has been allotted for residential townships for banks and related organisations.

In total, 27.855 acre has been earmarked for the upcoming financial district. Officials say these allocations will pave the way for the swift establishment of bank headquarters, administrative units, and staff accommodation, strengthening Amaravati’s emergence as a major national financial and administrative hub.