Andhra Pradesh DGP Sambha Shiva Rao confirmed recovery of 16 bodies so far in the tragic incident.
"The boat was overloaded with 38 people and majority were not provided life jackets".
Survivors said they boarded the private boat as the boats of the Tourism Department were not available.
However, a few passengers wearing life jackets managed to swim ashore with the help of trained swimmers and local fishermen.
The passengers were travelling to Pavitra Sangamam to see a daily ritual when the boat lost its balance.
The Deputy Chief Minister announced Rs five lakh ex-gratia to the families of each of the deceased. Of them, 32 belonged to a walkers' association from Ongole in Prakasam district and six from Nellore.
Deputy chief minister N Chinna Rajappa said authorities are in the process of identifying the victims and investigating the incident as rescue crews search for the missing passengers.
Two persons, who were rescued from the tragedy, complained of sickness and were shifted to a government general hospital in Vijayawada, the officials said.
Andhra Pradesh Chief Minister N Chandrababu Naidu, who is in Kerala now, held a teleconference with the ministers and officials from the accident site itself.