Rapid Fire
Sagarmala Finance Corporation Ltd (SMFCL)
- 27 Jun 2025
- 2 min read
Sagarmala Finance Corporation Limited (SMFCL) has been established as India’s first maritime sector-specific Non-Banking Financial Company (NBFC) aimed at strengthening financial access across India’s maritime ecosystem.
Sagarmala Finance Corporation Limited (SMFCL)
- About: SMFCL is a Mini Ratna (Category-I) Central Public Sector Undertaking (CPSU) under the Ministry of Ports, Shipping and Waterways.
- It was formerly known as Sagarmala Development Company Ltd.
- Mandate and Beneficiaries:
- SMFCL provides short, medium, and long-term customized financing to stakeholders such as port authorities, shipping companies, shipbuilding and logistics firms, MSMEs, maritime startups, barge operators, cruise and fishing vessel owners, and maritime educational and research institutions.
- It also supports critical areas like cruise tourism, maritime education, shipbuilding, and renewable energy, while aiming to bridge financing gaps and accelerate maritime infrastructure development.
- Policy Alignment: SMFCL aligns with the Maritime Amrit Kaal Vision 2047, aiming to make India a global maritime power.
- It complements the Sagarmala Programme and reinforces the National Blue Economy Strategy for sustainable and integrated maritime growth.
NBFC
- A NBFC is a financial institution registered under the Companies Act, 1956 or 2013, engaged in activities such as lending, investment in securities, leasing, hire purchase, and insurance.
- Unlike banks, NBFCs do not hold a banking licence and cannot accept demand deposits (e.g., savings or current accounts).
- NBFCs are regulated by the Reserve Bank of India (RBI) under the RBI Act, 1934.
| Read More: RBI to Review NBFCs. |
