India's First Maritime NBFC
Eduteria Insights · 24 Oct 2026
Why in News?
Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal inaugurated the corporate office of Sagar Mala Finance Corporation Limited (SMFCL) at the Institute for Studies in Industrial Development (ISID), New Delhi.
What is Sagarmala Finance Corporation Limited (SMFCL)?
SMFCL is India's first dedicated Non-Banking Financial Company (NBFC) in the maritime sector.
SMFCL is a specialized financial institution established to provide long-term financial support to India's maritime sector.
It aims to strengthen maritime infrastructure, promote shipbuilding, and support port-led economic development.
India's Maritime Vision 2047: SMFCL plays an important role in achieving the objectives of the Maritime Amrit Kaal Vision 2047, which aims to transform India into a leading global maritime nation.
The initiative focuses on developing world-class ports, strengthening shipbuilding, improving coastal connectivity, and increasing India's participation in global maritime trade.
About NBFCs
Non-Banking Financial Companies (NBFCs) are financial institutions that offer many banking-like services, but they are not banks.
They are registered under the Companies Act, 1956/2013, and are mainly regulated by the RBI. While banks are the core of India's formal financial system, NBFCs have become important for giving credit to underserved sectors, offering niche financial products and promoting financial inclusion, especially for people and areas not fully served by traditional banks.
The deposit insurance facility of the Deposit Insurance and Credit Guarantee Corporation (DICGC) is not available to the depositors of deposit-taking NBFCs.
UPSC Prelims 2026 Question:
Consider the following statements about the Non-Banking Financial Companies (NBFCs) in India:
1. NBFCs cannot accept demand deposits.
All the NBFCs operating in India have to be registered with the RBI.
NBFCs form part of the payment and settlement system and can issue a check drawn on themselves.
The deposit insurance facility of the Deposit Insurance and Credit Guarantee Corporation (DICGC) is not available to the depositors of deposit-taking NBFCs.
Which of the statements given above is/are correct?
a. 1 and 4
b. 1, 2, and 3
c. 4 only
d. 2, 3, and 4
Swipe up (or press ↓) for the next news














