Amaravati: Union Finance Minister Nirmala Sitharaman on Friday asked public sector banks and financial institutions to provide comprehensive support to Andhra Pradesh for its futuristic ideas.
She was speaking after laying the foundation stone for the regional headquarters of 15 public sector banks and insurance companies.
FM Sitharaman noted that for the first time in the country, an entire street of all public sector banks and insurance companies is coming up in a state capital and said, ‘This itself is a statement’.
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She said 15 financial institutions came together to lay the foundation stone, with the vision of securing the financial sector’s support for the upcoming state capital.
The Finance Minister was all praise for Chief Minister N. Chandrababu Naidu for his plan to have a financial district while building a futuristic capital.
She recalled that the financial district first came up in Hyderabad when he was the Chief Minister of united Andhra Pradesh. “He took many initiatives then, and at a stage when they were yielding results in full force, he got the responsibility of creating another financial district in Amaravati,” she said.
Stating that Chandrababu Naidu has the experience to fulfil this responsibility, the Finance Minister expressed confidence that a robust capital city of a prosperous state, Andhra Pradesh, will be delivered very soon.
She told the banks to understand the strengths of Andhra Pradesh and perform their functions accordingly.
Stating that farmers played a key role and made great sacrifices for building the capital, she said banks and insurance companies have the responsibility to deliver banking services to farmers without any hassles.
FM Sitharaman said this was not just about providing loans through the Kisan Credit Card. Referring to the Chief Minister’s plan to create a horticulture hub in nine districts of Rayalaseema, she said the impact of this will be there in all districts.
“Banks will have to think afresh. Today, across the country, the demand for vegetables and fruits is growing because aspirations of the middle class are becoming bigger,” she said.
Asserting that 25 crore people were lifted above poverty, she said this middle-class layer is trying to give nutritious food to their children. “Fruits and vegetables have an important role in this. Farmers also earn more profits by growing fruits and vegetables,” she said.
The Finance Minister said that after the Modi government came to power, a banana train started from a district in Maharashtra to Delhi and Mumbai, while a coconut train from Tamil Nadu goes to Delhi and Mumbai.
Terming the Chief Minister’s idea of a horticulture hub a futuristic one, she said banks can support it with infrastructure.
FM Sitharaman said the supply of fruits and vegetables from nine districts in Andhra Pradesh will require infrastructure, connectivity, high-quality seeds and packaging.
“The duty of banks is not just to provide loans on kisan credit cards. It’s important that you support food processing, packaging units, transport and cold storage,” she said.
She said she was duty-bound to thank Prime Minister Narendra Modi. She said that whenever she goes to him to talk about Andhra Pradesh, he responds immediately.
The Finance Minister said that there is clear guidance from the PM to provide all possible support to Andhra Pradesh to help it grow post-bifurcation.
Foundation stone was laid for regional head offices of Andhra Pradesh Grameen Bank, Central Bank of India, AP Cooperative Bank Limited, Bank of India, Canara Bank, State Bank of India, Union Bank of India, Bank of Baroda, Indian Bank, National Bank for Agriculture and Rural Development (NABARD), Punjab National Bank, IDBI Bank, Indian Overseas Bank, Life Insurance Corporation and New India Assurance Company Limited.
According to the state government, through these 15 institutions, investments of Rs 1,328 crore will be made, thereby creating 6,541 jobs.
Chief Minister Chandrababu Naidu, Deputy Chief Minister Pawan Kalyan, Union minister Pemmasani Chandra Sekhar, state minister Lokesh and others were present.
