RBI to set up regional office in Amaravati

The Reserve Bank of India (RBI) is set to establish a regional office in Amaravati, Andhra Pradesh, marking a major step in the capital city’s development. The RBI has acquired three acres of land in Nelapadu village for ₹12 crore and plans to build a 1.6 lakh square feet office with an investment exceeding ₹200 crore. This move follows the opening of an RBI branch in Vijayawada, post the state’s bifurcation. The agreement was formalised between the RBI and the Andhra Pradesh Capital Region Development Authority (APCRDA).

Additionally, the state has allocated land for 12 nationalised and private banks, including State Bank of India, Canara Bank, Union Bank of India, and others, with plans to build their state headquarters in Amaravati. A joint groundbreaking ceremony is expected soon, potentially inaugurated by Nirmala Sitharaman, Union Finance Minister. SBI will construct a 14-storey building on a three-acre plot. These developments mark a strategic effort to shift key financial operations to the capital, after banks operated from Vijayawada on leased premises due to delays during past administrations. The return of N. Chandrababu Naidu’s government in 2024 accelerated these initiatives.

Source: The Times Of India