One of the iconic companies that bore the brunt was Andhra Bank, which was humiliated by separate Telangana activists who threw cow dung at the bank’s signboards. But now, it’s the very Andhra Bank that has come for Telangana’s rescue.
In the wake of demonetization and due to KCR’s inability to convince the centre to grant funds for the completion of several important projects in the state, the Andhra Bank has agreed to sanction a loan of Rs.7,400 crores to Telangana government towards the completion of KCR’s ambitious Kaleswaram project.
Andhra Bank heads the banks’ consortium that decided to bail out Telangana state from its financial helplessness. Telangana would get Rs. 1,900 crores for Mission Bhagiratha, Rs. 2,000 crore for Civil Supplies and another Rs.2,000 crore for Metro. Andhra Bank has already given the agreement letter to the KCR government in this regard.