Staff Reporter
Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, today inaugurated India’s first Non-Banking Financial Company-NBFC in the maritime sector, Sagarmala Finance Corporation Limited-SMFCL.
Speaking on the occasion, the Minister said that the registration of Sagarmala Finance Corporation Limited as an NBFC is a major milestone in India’s maritime journey. He said that SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions. He added that this move is in perfect alignment with the Maritime Amrit Kaal Vision 2047, and making the country a leading global maritime power and Viksit Bharat.
SMFCL, formerly known as Sagarmala Development Company Limited, has officially been registered as a NBFC with the Reserve Bank of India (RBI) as of June 19, 2025. It has also earned the status of a Mini Ratna, Category-I, Central Public Sector Enterprise. The move marks a major milestone under the government’s Amrit Kaal Vision 2047, aimed at bolstering the maritime infrastructure and transforming India into a global maritime power.
Speaking at the launch, Minister Sonowal emphasized the strategic importance of SMFCL in addressing financial challenges within the sector. “The registration of Sagarmala Finance Corporation Limited as an NBFC is a major milestone in India’s maritime journey. Under the visionary leadership of Prime Minister Narendra Modi ji, we are taking decisive steps to strengthen the maritime sector as a key pillar of our economy. SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions. It has fulfilled a long-standing demand of the maritime industry in the country,” he said.
As a sector-specific NBFC, SMFCL will offer a range of tailored financial products including short-, medium-, and long-term funding. These will be extended to various stakeholders such as port authorities, shipping companies, MSMEs, startups, and maritime educational institutions.
The corporation’s expanded role also encompasses support for shipbuilding, renewable energy, cruise tourism, and maritime education—key components in India’s strategy to enhance its global maritime presence. The launch aligns closely with the Maritime Amrit Kaal Vision 2047 and the national ambition of building a “Viksit Bharat” (developed India).
Minister of State for MoPSW, Shantanu Thakur, highlighted the transformative impact of SMFCL’s NBFC status. “With SMFCL now functioning as a dedicated NBFC, we’re creating a focused financial ecosystem to accelerate maritime growth. This will unlock opportunities for innovation, investment, and inclusive development across the sector,” he stated.
