Live
- Sun-Dried Cotton to Be Taken to CCI Purchase Centers, Avoid Middlemen - Collector
- Survey Process Requires Public Cooperation - Collector Badavath Santosh
- Distribution of Maize Seeds to Farmers at Agricultural Research Center
- Education with Human Values Must be Provided to Students - Telangana State Higher Education Council Chairman Prof. V. Balakista Reddy
- Review on Employment Guarantee Works and Nursery Management
- Nepal's disasters cause huge loss in late September
- Congress not finished but BJP survives on backs of Nitish, Chandrababu: Nana Patole
- Calcutta High Court advises Bengal government to fix guidelines for demonstration sites
- 25 per cent of Indians affected by Varicose Veins, say health experts
- Congress launches 'Delhi Nyay Yatra' to expose AAP govt's failure
Finance Ministry Clarifies: No Restrictions On LGBTQ+ Banking Rights
- Indian Finance Ministry confirms LGBTQ+ individuals can freely open joint accounts and nominate partners as beneficiaries, following Supreme Court ruling and RBI directives.
- The ministry's statement, issued on August 28, emphasizes that members of the queer community have full rights to manage their banking affairs without discrimination.
The Finance Ministry of India has made a significant announcement regarding the banking rights of the LGBTQ+ community. In a recent advisory, the ministry clarified that there are no restrictions preventing queer individuals from opening joint bank accounts or nominating their partners as beneficiaries.
This clarification comes in the wake of the Supreme Court's ruling on October 17, 2023, in the case of Supriyo@Supriya Chakraborty and another vs Union of India. The ministry's statement, issued on August 28, emphasizes that members of the queer community have full rights to manage their banking affairs without discrimination.
The Reserve Bank of India (RBI) has been proactive in promoting inclusive banking practices. As early as 2015, the RBI directed banks to include a 'third gender' option in their forms and applications, facilitating easier access to banking services for transgender individuals. This initiative sparked a trend among banks to develop specialized services for the transgender community.
For instance, ESAF Small Finance Bank Ltd launched a 'Rainbow Savings Account' scheme in 2022, offering attractive features tailored for transgender customers. These developments reflect a growing recognition of the financial needs and rights of the LGBTQ+ community in India.
In response to the Supreme Court's ruling, the government formed a six-member committee in April 2024, led by the Cabinet Secretary. This committee's mandate is to address various issues facing the LGBTQ+ community, including ensuring equal access to services and protection from discrimination and violence.
This latest clarification from the Finance Ministry marks another step forward in the ongoing efforts to create a more inclusive financial system in India, aligning with broader social and legal changes supporting LGBTQ+ rights.
