India Launches First Maritime NBFC: Sagarmala Finance Corporation Ltd
Banking and Finance
4 min read
The country’s first maritime sector-focused Non-Banking Financial Company (NBFC) - Sagarmala Finance Corporation Limited (SMFCL) was inaugurated by Sarbananda Sonowal, Union Minister of Ports, Shipping & Waterways, on 26 June 2025.
The Union Minister of State for Ports, Shipping & Waterways, Shantanu Thakur, was also present during the inauguration ceremony.
The SMFCL will support the strategic sectors in the maritime sector, helping India emerge as a global leader in the maritime sector and achieve the goal of a Viksit Bharat by 2027.
Function of the SMFCL
- The SMFCL will bridge the financing gaps in the development of the infrastructure related to the maritime sector.
- The company will provide short-term, medium-term, and long-term loans to shipping companies, port authorities, start-ups, maritime educational institutions, and micro, small, and medium enterprises (MSMEs).
- It will support strategic sectors like shipbuilding, renewable energy, cruise tourism, and maritime education.
About the SMFCL
The SMFCL was incorporated as Sagarmala Development Company Limited in August 2016 under the Companies Act 2013.
The Government of India established the Sagarmala Development Company Limited to implement the ambitious Sagarmala Programme, approved by the central government in March 2015.
The company was renamed Sagarmala Finance Corporation Limited (SMFCL) as the government of India expanded the company's work and scope.
The SMFCL got an NBFC license from the Reserve Bank of India (RBI) on 19 June 2025,
The RBI is the regulator of the NBFC in India.
The SMFCL is a Mini Ratna Category-1 Central Public Sector Enterprise.
It is under the administrative control of the Union Ministry of Ports, Shipping & Waterways.
Headquarters - New Delhi
Chairman - T K Ramachandran, Secretary, Ministry of Ports, Shipping & Waterways.
About the Sagarmala Programme
Launched by the central government in March 2015. It is a key pillar of the Maritime Amrit Kaal Vision 2047.
Ministry - It is a flagship programme of the Union Ministry of Ports, Shipping, and Waterways.
Aim of the programme
To streamline and develop an efficient and low-cost modern maritime logistics sector in India to boost international trade and economic development.
It will develop the country's coastal and inland waterways.
It aims to make India a top maritime country by 2047 and set a target of
- Achieving 4 gross million tonnage (GRT) of shipbuilding capacity,
- Annual 10 billion tonnes of port handling capacity,
- Be among the top 5 shipbuilding countries in the world by 2047.
