Sagarmala Finance Corporation Limited (SMFCL) is India’s first dedicated maritime non-banking financial company (NBFC). It aims to make cumulative disbursements of ₹60,205 crore by the end of the 2030–31 financial year. Its target depends on equity support and compliance with Reserve Bank of India (RBI) norms, including applicable debt-to-equity requirements.
Maritime Finance and NBFCs
An NBFC is a company registered under the Companies Act that conducts financial activities such as lending, subject to RBI regulation. Unlike a bank, an NBFC cannot accept demand deposits or issue cheques drawn on itself. SMFCL provides long-term finance for maritime activities, including port-led development, shipbuilding and coastal connectivity. Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal inaugurated SMFCL’s corporate office at the Institute for Studies in Industrial Development in New Delhi on 23 October 2026. SMFCL began lending operations on 31 December 2025, with an initial sanction of approximately ₹4,300 crore, and set a loan-book target of ₹8,000 crore for FY 2025–26.
SMFCL’s Lending Profile
As of 30 September 2026, SMFCL had sanctioned ₹11,563 crore in financing and disbursed ₹5,107 crore. In 2026, it disbursed its first loan of ₹150 crore to the Dredging Corporation of India and a ₹110 crore loan to Goa Shipyard.
Maritime Development Fund
The Maritime Development Fund (MDF) has two components: the Maritime Investment Fund (MIF) and the Interest Incentivisation Fund (IIF). SBI Ventures Limited is the fund manager for the MIF. Registration of the MIF as an Alternative Investment Fund with the Securities and Exchange Board of India (SEBI) is expected by the end of November 2026, with a first close of ₹5,000 crore targeted by January 2027. The IIF has an operational online portal. It supports loans worth ₹4,500 crore and has released approximately ₹25 crore in interest subvention against interest paid by borrowers.
Important Facts for Exams
:
- SMFCL is a dedicated maritime NBFC that provides financing for maritime-sector activities.
- The Maritime Development Fund comprises the Maritime Investment Fund and the Interest Incentivisation Fund.
- SEBI regulates Alternative Investment Funds in India.
- The Dredging Corporation of India and Goa Shipyard received loans from SMFCL in 2026.
The Institute for Studies in Industrial Development is the location of SMFCL’s corporate office in New Delhi. SMFCL’s disbursement target covers the period up to the end of FY 2030–31.
