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Sarbananda Sonowal Inaugurates India's First Maritime NBFC – Sagarmala Finance Corporation Limited.

National | Dated: 29 Jun 2025

On 26th June 2025, Union Minister Sarbananda Sonowal inaugurated the Sagarmala Finance Corporation Limited (SMFCL), marking the launch of India’s first-ever Non-Banking Financial Company (NBFC) dedicated solely to the maritime sector.

🎯 Key Highlights:

  • - The event was organized by the Ministry of Ports, Shipping and Waterways (MoPSW) in New Delhi. It was also attended by Union Minister of State Shantanu Thakur and MoPSW Secretary T.K. Ramachandran. The initiative aims to unlock maritime infrastructure financing in line with Vision 2047.
  • - Sarbananda Sonowal also unveiled three key digital initiatives at the event—SAGAR SETU, the Digital Centre of Excellence (DCoE) in collaboration with C-DAC, and the DRISHTI monitoring platform—each designed to boost efficiency and transparency in port operations.

💡 Other Important Facts:

  • (i) The Sagarmala Finance Corporation Limited, formerly known as Sagarmala Development Company Limited, has now been formally notified as an NBFC by the Reserve Bank of India (RBI). It is a Mini Ratna, Category-I CPSE (Central Public Sector Enterprise).
  • (ii) SMFCL is expected to play a critical role in plugging financial gaps in port and maritime infrastructure projects. Its structure allows for specialized lending aligned with national priorities such as the PM Gati Shakti and Amrit Kaal Vision 2047.
  • (iii) This move aligns with the government’s broader push to strengthen the blue economy. It will help enhance private investment in port infrastructure, logistics modernization, and integrated coastal development through a sustainable financial framework.

📚 Test Your Knowledge:

Recently, who inaugurated India’s first maritime Non-Banking Financial Company (NBFC)?

Correct Answer: Sarbananda Sonowal

🚀 Quick Recap:

About MoPSW

  • Union Minister : Sarbananda Sonowal
  • Headquarters: New Delhi