India's first maritime NBFC- Sagarmala Finance Corporation inaugurated

Current Context: On 26 June 2025, Union Minister Sarbananda Sonowal inaugurated Sagarmala Finance Corporation Limited (SMFCL) in New Delhi, marking the launch of India’s first maritime sector NBFC.

Key Highlights:

• Registered with RBI on 19 June 2025, SMFCL is a Mini Ratna, Category-I CPSE, formerly known as Sagarmala Development Company Ltd.
• It will offer sector-specific financial products—short, medium, and long-term funding—for ports, MSMEs, startups, shipbuilding, cruise tourism, and maritime education.
• Aims to bridge financing gaps and support the Maritime Amrit Kaal Vision 2047 and Viksit Bharat goals.
• The launch also featured the SAGAR SETU platform, a standardised port tariff template, and the Gateway to Green report for green hydrogen hubs.

Question:

Q.1 Sagarmala Finance Corporation Limited (SMFCL) is India's first NBFC dedicated to which sector?
a) Maritime
b) Renewable Energy
c) Agriculture
d) Aviation

Answer: a) SMFCL is India’s first NBFC exclusively catering to the maritime sector, providing financing for port infrastructure, MSMEs, shipbuilding, etc.