Numerous banks have lined up to open their branches in Amaravati after the capital announcement and the big real estate boom in the area. However the last couple of months is nothing sort of a night mare as the real estate had taken a slump and bankers are struggling to reach the targets set by the management.
The staff in most of the 18 new branches at 29 villages in the capital city area, are running after the local farmers seeking deposits. However, the response from the farmers is very disappointing as they are reluctant to make deposits in the banks given the slow pace of activity in the capital city.
The bankers are now worried that this situation will not change until the capital construction starts in October and until then the operations become extremely difficult. Instead of opening makeshift bases, the bankers opted for permanent branches in this region without any study which is leading them to deep trouble now.
