Amaravati: In a major boost to the Andhra Pradesh economy, Indian Bank has firmed up plans to invest Rs 5,000 crore in core sectors. The bank will extend financial assistance to big-ticket projects in infrastructure, education, tourism and hospitality sectors in the state and also help in building Amaravati.
The bank has decided to set up a new zonal office in the capital city area to fasttrack key projects. Bank managing director Mahesh Kumar Jain met chief minister Chandrababu Naidu here on Thursday and held discussions on various projects.
Responding to the CM’s request, Jain agreed to open a new zonal headquarters in Amaravati. The bank presently has three zonal offices in Vijayawada, Visakhapatnam and Tirupati. “The capital city zonal office will set its focus on the projects coming up in the capital city,” he said.
Jain also explained that more than 50 per cent of their advances are dedicated to the agriculture sector and it is one of the highest percentages among the PSU banks.
Thanking Jain for his gesture, the CM promised to extend all support to the bank. When he pointed out that the loans of Kapu, Brahmin, SC, BC and minority corporations are tied up with Indian Bank in the districts, Jain promised to resolve the issue.
Naidu said development of infrastructure was possible only if banks and financial institutions take bold decisions.