Government unveils India’s First Maritime NBFC Sagarmala Finance Corporation Limited
Shri Sarbananda Sonowal, Union Minister of Ports, Shipping and Waterways in a major boost inaugurated Sagarmala Finance Corporation Limited (SMFCL) which is recognized as India’s first Non-Banking Financial Company (NBFC) in the maritime sector.
Shri Sarbananda Sonowal, Union Minister of Ports, Shipping and Waterways in a major boost inaugurated Sagarmala Finance Corporation Limited (SMFCL) which is recognized as India’s first Non-Banking Financial Company (NBFC) in the maritime sector.
The Corporation will play key role in nation’s maritime infrastructure development, in line with the Amrit Kaal Vision 2047.
SMFCL is registered as Mini Ratna, Category-I, Central Public Sector Enterprise and has been formally registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI) as of June 19, 2025 and it will offer financial products like short, medium, and long-term funding to a diverse range of stakeholders such as port authorities, shipping companies, MSMEs, startups, and maritime educational institutions.
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Further, the NBFC will support strategic sectors including shipbuilding, renewable energy, cruise tourism, and maritime education and strengthening the nation to emerge as a global maritime leader.
The Union Minister, Shri Sarbananda Sonowal stated that 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
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