India Confirms LGBTQ Banking Rights

The Union Finance Ministry has clarified that there are no restrictions for LGBTQ individuals to open joint bank accounts or nominate partners as beneficiaries. This advisory, issued on August 28, follows the Supreme Court's October 17, 2023, ruling in Supriyo@Supriya Chakraborty vs Union of India. The Reserve Bank of India (RBI) also issued a similar clarification to all scheduled commercial banks on August 21, 2024. Since 2015, banks have been required to include a 'third gender' column in forms to facilitate services for transgender individuals. Banks like ESAF Small Finance Bank have introduced specialized accounts, such as the 'Rainbow Savings Account,' for the transgender community. Following the Supreme Court's ruling, a six-member committee was established in April 2024 to address discrimination and ensure equal access to goods and services for the LGBTQ community.