Amaravati Declared India’s First Integrated Financial City

Amaravati is set to emerge as the country’s first integrated Financial City, marking a major milestone in India’s economic and infrastructural development. Union finance minister Nirmala Sitharaman announced the initiative during her visit to the capital region, where she and chief minister Chandrababu Naidu laid foundations for major nationalised banks and financial institutions.

Launch of a Unified Financial Hub

The new Financial City will house all major public sector financial institutions in one planned location. Sitharaman described this as a rare opportunity for banks to design state-of-the-art facilities in a capital being built from the ground up. Several nationalised banks have already begun construction, signalling the revival of Amaravati’s long-pending development.

Institutions Participating in the Project

Banks and financial bodies initiating infrastructure works include SBI, Union Bank of India, Canara Bank, Bank of Baroda, Central Bank of India, Punjab National Bank, IDBI Bank, Indian Overseas Bank, Bank of India, Indian Bank, AP Grameena Vikas Bank, AP Cooperative Bank, NABARD, LIC and New India Assurance. The hub is expected to directly employ more than 6,500 people and significantly stimulate economic activity across Andhra Pradesh.

Government Vision and Support for Farmers

Sitharaman emphasised that establishing a capital city requires strong economic foundations, appreciating the decision to bring more than fifteen state-owned banks and insurers into Amaravati’s Financial District. She honoured the farmers who donated land for the capital and urged banks to ensure easier access to credit, better financial services and wider economic support for the farming community beyond standard loan schemes.

Exam Oriented Facts

• Amaravati has been designated as India’s first integrated Financial City.
• Over fifteen nationalised banks and financial institutions have begun construction.
• The project aims to generate direct employment for more than 6,500 people.
• Sitharaman highlighted enhanced support for farmers and horticulture sectors.

Future Growth and Innovation Pathways

The Centre is also setting up district-level training hubs for Quantum Valley and AI-related projects, encouraging banks to adopt futuristic thinking. With firm backing from the Union government, Amaravati’s Financial City is poised to accelerate statewide investments, strengthen economic infrastructure and shape Andhra Pradesh into a major financial services destination.