India’s first sector-specific Non-Banking Financial Company for the maritime sector
- TPP
- Jun 26
- 3 min read
In a landmark move to strengthen India’s maritime infrastructure and financial ecosystem, Union Minister of Ports, Shipping & Waterways (MoPSW), Shri Sarbananda Sonowal, inaugurated India’s first sector-specific Non-Banking Financial Company (NBFC) for the maritime sector—Sagarmala Finance Corporation Limited (SMFCL). The launch event, held on June 19, 2025, was graced by Union Minister of State for MoPSW, Shri Shantanu Thakur, and Secretary of MoPSW, TK Ramachandran.
Formerly known as Sagarmala Development Company Limited, SMFCL has now been formally registered as an NBFC with the Reserve Bank of India (RBI). As a Mini Ratna, Category-I Central Public Sector Enterprise (CPSE), SMFCL is now empowered with a broader financial mandate, allowing it to operate independently in providing credit and investment solutions tailored specifically for the maritime industry. (Note: An NBFC is a financial institution that offers banking services without meeting the legal definition of a bank, enabling more flexible financial instruments, particularly in niche sectors.)
Highlighting the strategic significance of this development, Shri Sonowal remarked, “The registration of SMFCL as an NBFC marks a major milestone in India’s maritime journey. Under the visionary leadership of Prime Minister Shri Narendra Modi, we are taking decisive steps to position the maritime sector as a key pillar of the national economy. SMFCL will bridge critical financing gaps and offer sector-specific financial solutions to ports, MSMEs (Micro, Small & Medium Enterprises), startups, and maritime institutions.”
This step aligns seamlessly with the Maritime Amrit Kaal Vision 2047, a long-term roadmap aimed at transforming India into a leading global maritime power and contributing toward Viksit Bharat—a developed India. As a dedicated maritime NBFC, SMFCL is now uniquely poised to support short-, medium-, and long-term funding needs across the maritime value chain. This includes port authorities, shipping companies, maritime MSMEs, startups, and educational institutions involved in maritime and ocean economy research.
Its expanded mandate goes beyond traditional infrastructure funding to support strategic sectors such as shipbuilding, renewable energy integration in ports, cruise tourism, and maritime education. These efforts are designed not only to catalyse economic growth but also to drive sustainable development and innovation across India’s coastal and inland waterways.
Echoing the sentiment, Union Minister of State Shri Shantanu Thakur emphasized, “With SMFCL now functioning as a dedicated NBFC, we’re creating a focused financial ecosystem that will unlock innovation, investment, and inclusive development in the maritime sector.”
In addition to launching SMFCL, the event saw the unveiling of several other key maritime initiatives. Notably, Shri Sonowal launched the SAGAR SETU platform, a digital initiative aimed at boosting operational efficiency and enhancing the ease of doing business within Indian ports. (Note: SAGAR SETU is an IT-driven platform intended to streamline port logistics and digital documentation.)
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Further promoting uniformity and transparency in maritime operations, the Minister also released a standardised Scale of Rates (SoR) template for Major Port Authorities, which will help standardise and rationalise port tariffs across the country. Additionally, the Gateway to Green report was unveiled, offering a strategic roadmap for Indian ports to transition into green hydrogen hubs, thereby supporting India's broader renewable energy and green shipping ambitions.
To ensure that the sector keeps pace with the latest digital transformation trends, the Ministry signed a Memorandum of Understanding (MoU) with the Centre for Development of Advanced Computing (CDAC) to establish a Digital Centre of Excellence. This centre will work on incorporating cutting-edge digital technologies—like AI, blockchain, and data analytics—into the maritime ecosystem.
With the establishment of SMFCL and the rollout of these strategic initiatives, India is setting the stage for a robust and digitally empowered maritime sector. These steps are not just administrative reforms but a foundational shift aimed at building a globally competitive, resilient, and green maritime economy by 2047.
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