Dharmana seeks financial hub in Visakhapatnam

Vijayawada: Thanking the state government for its initiative to develop north Andhra region, revenue minister Dharmana Prasada Rao in a letter appealed to Chief Minister Y S Jagan Mohan Reddy to set up financial hub in Visakhapatnam for integrated development of all the places in the region which are lagging behind in all aspects of human indexes.

The minister said after bifurcation in 2014, Visakhapatnam remained as the single largest cosmopolitan city with largest number of corporations, public sector and private sector companies operating from this region. That being so, there is a need to support this industry and in order to boost the growth of the region, a few initiatives need to be considered.

Suggesting some measures to develop the region, the minister said 100 acre land should be allotted for establishing a financial hub, constituting regional headquarters of Reserve Bank of India, zonal headquarters of all scheduled banks and other lead banks and financial institutions, financial services’ firms like KPMG, CBRE, leading law firms and also the registrar of companies office.