India's first maritime NBFC - Sagarmala Finance Corporation

• On June 26, India’s first non-banking financial company (NBFC) in the maritime sector, Sagarmala Finance Corporation Limited (SMFCL), was inaugurated by Union Minister Sarbananda Sonowal.

• SMFCL, formerly known as Sagarmala Development Company Limited, is now positioned to play a transformational role in the development of India’s maritime infrastructure in line with AMRUT Kal Vision 2047.
• SMFCL, a Mini Ratna, Category-I, Central Public Sector Enterprise, has been officially registered as an NBFC with the RBI as of June 19, 2025.

• The corporation is tasked with filling the financial gaps and offering tailored financial products to support the maritime industry.
• Ports, MSMEs, startups and maritime institutions are expected to benefit from the specialized financial services offered by SMFCL.