SMFCL is India’s first Non-Banking Financial Company (NBFC) in the maritime sector. 

• Formerly known as Sagarmala Development Company Limited, SMFCL is a Mini Ratna, Category-I, Central Public Sector Enterprise. 
• It is now formally registered as an NBFC with the Reserve Bank of India (RBI). 
• It will offer tailored financial products to a diverse range of stakeholders, such as port authorities and shipping companies. 
  • It will also support strategic sectors like shipbuilding, renewable energy, cruise tourism, and maritime education.

Other Key initiatives launched for the Maritime Sector 

• Digital Centre of Excellence (DCoE): Foster innovation and modernisation of port operations and shipping logistics through emerging technologies like AI, IoT, and Blockchain.
• SAGAR SETU platform: Aligned with PM Gati Shakti National Master Plan,  SAGAR SETU integrates multiple service providers to offer seamless EXIM (export-import)-related services. 
• DRISHTI (Data driven decision support-Review-Institutional Information-System for-Hastening and-Tracking-Implementation): Aims to accelerate the implementation of Maritime India Vision 2030 and Amrit Kaal Vision 2047.
• Scale of Rates (SOR) of Major Ports: Providing a uniform structure for port tariffs.
• Gateway to Green: India's Ports Transforming into Hydrogen Hubs: outlines a roadmap for transforming Indian ports into hubs for green hydrogen production, storage, and export.