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Informist, Friday, Nov. 28, 2025

HYDERABAD/NEW DELHI – Union Finance Minister Nirmala Sitharaman on Friday urged all public sector banks to extend their support in developing an agricultural marketing ecosystem in Andhra Pradesh by lending across the entire value chain – from farming to allied infrastructure.

Speaking at the foundation stone–laying ceremony for the regional headquarters of 15 banks and insurance companies in Amaravati, the finance minister said that the land for the new capital was contributed by local farmers, and banks must recognise this and extend generous support for the growth of agricultural communities.

Public sector banks, including State Bank of India, Canara Bank, Bank of Baroda, IDBI Bank, Indian Overseas Bank, Indian Bank, Union Bank of India, Central Bank of India, Punjab National Bank, Bank of India, and Andhra Pradesh Grameena Bank, are setting up regional offices in Amaravati. Life Insurance Corp. of India and New India Assurance Co. Ltd. are also establishing offices in the greenfield capital city. While the Andhra Pradesh government allotted the land, banks are spending a combined amount of nearly INR 13 billion on building their regional offices at Amaravati at one location, termed the financial district of the state.

Sitharaman said that beyond farm loans and Kisan credit cards, banks should proactively support the creation of allied infrastructure like warehousing facilities, cold storage systems, packaging units, and food processing industries, which would help local farmers secure better value for their produce. She also suggested that the state government work towards developing Andhra Pradesh as a hub for vegetables and fruits to meet growing demand across the country. The minister added that banks should focus on the Rayalaseema region for enabling exports of horticultural produce to other states.  End

Reported by Narayana Krishna and Sagar Sen

Edited by Avishek Dutta

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