India’s First Maritime Sector NBFC, SMFCL, Inaugurated by Sonowal

The Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal, has inaugurated Sagarmala Finance Corporation Limited (SMFCL), India’s first Non-Banking Financial Company (NBFC) dedicated to the maritime sector. The launch event also saw the presence of Union MoS Shri Shantanu Thakur and MoPSW Secretary TK Ramachandran.

Formerly Sagarmala Development Company Ltd, SMFCL has been granted NBFC status by the Reserve Bank of India (RBI) as of June 19, 2025, and is now classified as a Mini Ratna, Category-I CPSE.

Union Minister, Shri Sarbananda Sonowal said, “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 Shri 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. This move is in perfect alignment with the Maritime Amrit Kaal Vision 2047 and our shared goal of making India a leading global maritime power and Viksit Bharat.”

SMFCL will play a pivotal role in realizing the government’s Amrit Kaal Vision 2047, by addressing financing gaps in the maritime sector. The company will offer customised financial solutions—ranging from short to long-term funding—for a broad spectrum of stakeholders including port authorities, shipping companies, MSMEs, startups, and maritime educational institutions.