LGBTQ community now can apply for joint Bank accounts or nominating their partners as beneficiaries. This landmark decision was announced by the Finance Ministry of India on 28th of August 2024. The Department of Financial Services, which operates under the Finance Ministry, posted an advisory on its X (formerly Twitter) account in response to a Supreme Court ruling dated October 17, 2023, concerning the case of Supriyo@Supriya Chakraborty and another vs. Union of India.
Additionally, the Reserve Bank of India (RBI) provided a clarification to all scheduled commercial banks on this matter on August 21, 2024.
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In 2015, the RBI instructed banks to add a separate category for 'third gender' in their forms and applications, allowing transgender individuals to open bank accounts and access various financial services. Since then, several banks have launched initiatives specifically targeting the transgender community. For example, ESAF Small Finance Bank Ltd introduced the 'Rainbow Savings Account' in 2022, featuring benefits such as competitive interest rates and enhanced debit card options for transgender customers.
Following the Supreme Court's October 2023 decision, the government set up a six-member committee in April 2024, led by the cabinet secretary. This committee's purpose is to address a wide range of issues facing the queer community, including measures to combat discrimination in accessing goods and services and to safeguard individuals from violence, harassment, or coercion.