India Launches First Maritime Sector NBFC
28 Jun 2025 CW Team
Union Minister Sarbananda Sonowal recently inaugurated Sagarmala Finance Corporation Limited (SMFCL), India’s first NBFC dedicated to the maritime sector. Formally registered with the RBI on 19 June 2025, SMFCL evolved from Sagarmala Development Company Limited.
It will address financing gaps for ports, MSMEs, startups, and maritime institutions, supporting shipbuilding, renewable energy, cruise tourism, and education. The move aligns with India’s Maritime Amrit Kaal Vision 2047 and aims to catalyse innovation and sustainable logistics growth.
Union Minister of State Shantanu Thakur emphasised that SMFCL will create a focused ecosystem for maritime development. As a Mini Ratna, Category-I CPSE, it will offer customised short-, medium-, and long-term financial products.