The Union Minister of Ports, Shipping & Waterways (MoPSW) launched Sagarmala Finance Corporation Limited (SMFCL)
Sagarmala Finance Corporation Ltd. (SMFCL)
It was previously called Sagarmala Development Company Limited.
It is a Category-I Mini Ratna Central Public Sector Enterprise and has been officially registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company (NBFC).
It is the inaugural NBFC in India's maritime industry.
Are you aware?
– A Non-Banking Financial Company (NBFC) refers to a firm registered under the Companies Act, 1956 or 2013.
– It mainly focuses on financial operations such as lending, providing advances, and investing in securities.
– It omits firms whose primary focus is on agriculture, industry, the trade of goods or services, or real estate.
Firms that gather deposits through different programs are categorized as Residuary NBFCs.
– Banks and NBFCs vary significantly in important aspects, even though both participate in lending and investments:
NBFCs are not allowed to take demand deposits.
NBFCs do not belong to the payment and settlement system and are unable to issue cheques.
The Deposit Insurance and Credit Guarantee Corporation (DICGC) does not provide deposit insurance coverage to depositors of non-banking financial companies (NBFCs) that accept deposits.
Significance of SMFCL
It aligns with the Maritime Amrit Kaal Vision 2047 and seeks to close financing gaps while providing customized financial solutions for ports, MSMEs, startups, and maritime organizations.
It will aid key sectors such as ship construction, green energy, cruise tourism, and maritime training, contributing to economic development and logistics effectiveness.
The launch signifies an important advancement in establishing India as a worldwide maritime force, fostering a specialized financial framework for inclusive and sustainable maritime growth.
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