♦ Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, inaugurated India’s first Non-Banking Financial Company-NBFC in the maritime sector, Sagarmala Finance Corporation Limited-SMFCL on 26 June 2025.

♦ The Minister said that the registration of Sagarmala Finance Corporation Limited as an NBFC is a major milestone in India’s maritime journey. 

♦ SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions.

♦ During the event, Sonowal launched the SAGAR SETU platform to boost operational efficiency and ease of doing business.

♦ He also released a standardised Scale of Rates template for Major Port Authorities to ensure uniform port tariffs.  

♦ The Ministry signed an MoU with CDAC to establish a Digital Centre of Excellence, promoting digital transformation in the maritime sector.