News: The Union Ministry of Ports, Shipping & Waterways (MoPSW) inaugurated Sagarmala Finance Corporation Limited (SMFCL), India’s first Non-Banking Financial Company (NBFC) in the maritime sector.
About India’s First Maritime NBFC – Sagarmala Finance Corporation Limited
- It is a Mini Ratna, Category-I, Central Public Sector Enterprise which has been formally registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI).
- It was formerly known as Sagarmala Development Company Ltd.
- Nodal Ministry: Ministry of Ports, Shipping and Waterways
- Objective: It will offer tailored financial products including short, medium, and long-term funding, to a diverse range of stakeholders such as
- port authorities
- shipping companies
- MSMEs, startups
- maritime educational institutions
- Policy alignment: It aims to play a transformative role in India’s maritime infrastructure development, in alignment with the Amrit Kaal Vision 2047.
