Sarbananda Sonowal Inaugurates India's First Maritime NBFC
- India launched SMFCL, the country’s first NBFC dedicated to the maritime sector, inaugurated by Union Minister Sarbananda Sonowal.
- SMFCL is a Mini Ratna CPSE, registered with RBI, offering customised financial solutions to ports, MSMEs, startups, and maritime institutions.
- It supports the Maritime Amrit Kaal Vision 2047, aiming to bridge financing gaps and boost innovation, infrastructure, and sectoral growth.
In a landmark development for India’s maritime sector, Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal, inaugurated the Sagarmala Finance Corporation Limited (SMFCL) the country’s first Non-Banking Financial Company (NBFC) exclusively dedicated to the maritime industry. The event also saw the presence of MoPSW Minister of State Shantanu Thakur and Secretary T.K. Ramachandran.
Previously known as Sagarmala Development Company Limited, SMFCL was formally registered with the Reserve Bank of India (RBI) as an NBFC on June 19, 2025. It holds the status of a Mini Ratna Category-I Central Public Sector Enterprise. With this transformation, SMFCL is expected to play a pivotal role in accelerating maritime infrastructure in line with the Maritime Amrit Kaal Vision 2047.
Calling it a 'major milestone', Minister Sonowal stated, “Under the visionary leadership of Prime Minister Narendra Modi, SMFCL will bridge critical financing gaps in the sector, empowering ports, MSMEs, startups, and institutions. This supports our goal of making India a global maritime leader and a Viksit Bharat”.
As a sector-focused NBFC, SMFCL will offer customised financial solutions including short-, medium-, and long-term funding to stakeholders across the maritime value chain. These include port authorities, shipping companies, MSMEs, maritime educational institutions, and startups.
The corporation’s expanded mandate will also cover shipbuilding, cruise tourism, maritime education, and alternative energy aiming to catalyse innovation and sustainability.
Minister of State Shantanu Thakur highlighted the importance of a dedicated financial ecosystem for maritime growth. “SMFCL will enable targeted investment and foster inclusive development”, he said, adding that the NBFC will open new doors for innovation and expansion in the sector.
This initiative marks a new era for India’s maritime finance landscape.
