The International Maritime Federation (IMF) has taken a significant step in strengthening India’s maritime regulatory framework by formally presenting its proposal for recognition of Insurance Surety Bonds as an additional financial‑security instrument for Recruitment and Placement Services Licence (RPSL) holders.
IMF Vice Chairperson Mrs Aishwarya Gupta Pilankar met Mr Vijay Kumar, Secretary, Ministry of Ports, Shipping and Waterways, and subsequently held a detailed discussion with Mr Venkatesapathy S, Joint Secretary, MoPSW.
The IMF proposal seeks to enable eligible RPSL holders to meet the prescribed financial-security requirement through either the existing Bank Guarantee mechanism or a compliant Insurance Surety Bond issued by an eligible, regulated insurer.
The proposal seeks to introduce an additional regulated financial-security instrument while leaving the Government to prescribe the conditions, validity, invocation and other safeguards required for RPSL financial security.
The proposal was received positively during the discussions and has been taken up for further deliberation.
The discussion also extended beyond the Insurance Surety Bond proposal. Aishwarya raised a number of other concerns relating to RPSL operations, the recruitment and placement of Indian seafarers, seafarer welfare and issues affecting the wider maritime industry. She was invited to formally submit these points to the Ministry for detailed examination and deliberation.
“IMF’s approach has always been to bring practical solutions to the table while keeping seafarer protection and the integrity of the maritime system at the centre of our proposals,” said Mrs Pilankar.
Representing the RPSL Community
Mrs Pilankar represented IMF during the engagement, carrying a structured set of concerns and proposals relating to the wider RPSL community.
Her engagement focused not on the interests of any individual RPSL or commercial entity, but on issues affecting the functioning and sustainability of RPSL operators, the protection of Indian seafarers and the continued development of India’s maritime sector.
The Insurance Surety Bond proposal is part of IMF’s continuing engagement with the Government on strengthening India’s maritime financial and regulatory architecture. IMF has maintained that financial-security requirements should provide robust protection to seafarers while also allowing the regulatory framework to recognise appropriate and regulated financial instruments.
A Constructive Policy Dialogue
IMF considers the latest engagement an important step in its ongoing dialogue with the Government of India on RPSL financial security, seafarer welfare and broader maritime policy issues.
The Federation will continue to place industry concerns before the appropriate authorities and work constructively with the Ministry of Ports, Shipping and Waterways and the Directorate General of Shipping towards practical, transparent and sustainable regulatory solutions.
As deliberations progress, the objective remains clear: strong protection for Indian seafarers, a resilient RPSL framework, and a maritime regulatory environment capable of supporting India’s growing role in global shipping.
Marex Media