A report, which studied the banking patterns of the LGBTQIA+ community, found that while they prioritise survival, dignity, and long-term stability, mental health services, and elder care, the younger and older members differed in their expectations from the financial industry.
While the youth were looking for institutions that provided student loans, scholarships, and queer-focused savings or retirement products, the older cohort needed community housing models and queer-affirming retirement homes. The findings were revealed during the launch of ‘Pink Capital: The Spectrum of Queer Money’, a qualitative report by Axis Bank that explores the financial lives of India’s LGBTQIA+ community.
The report’s findings reveal that queer consumers prioritise essential needs, with the largest share allocated to systemic access and equality (34.2%), followed by healthcare and Safety (20%), financial security and future stability (18.6%), emotional and social recognition (17.3%), and lifestyle and culture (10%). In terms of financial security and future stability, younger members of the community differed from the seniors.
The launch of the report coincides with the 7th anniversary of the Supreme Court verdict, decriminalising Section 377 of the Indian Penal Code. “Over the years, Axis Bank has serviced thousands of accounts opened under the honorific marker 'Mx', a testament to growing trust, deeper engagement with the community, and the rise of a distinct and increasingly visible customer segment,” said Munish Sharda, executive director, Axis Bank.
The bank announced inclusive policies for employees and customers from the community, including joint savings and term deposits for same-sex partners, and nomination facilities for partners.
The bank has nearly 11,000 accounts where users have opted to use the honorific Mx or transgender. The bank said it continues to advocate for inclusive access while respecting privacy, not insisting on data on same-sex partners. “Pink Capital brings forward voices that have long been left out of financial conversations,” said Harish Iyer, senior vice president and head of diversity, equity, and inclusion, Axis Bank.
Harish Iyer, senior vice president and head of diversity, equity, and inclusion, Axis Bank |
Iyer said that the progress of inclusive banking will not be easy. "It is a fact that you need to do it consistently and not give up. There can be fly-by-night operators," said Iyer. "If you do not count, you do not get counted. The LGBTQIA+ is huge. You have to look at the community as a consumer."
The bank's initiatives are influenced by the Union Finance Ministry's advisory to the Reserve Bank of India and other banks in August 2023.
The advisory is the result of the October 17, 2023, Supreme Court order when a five-member bench declined to grant marriage rights to queer people under current laws. However, the court accepted a government proposal to create a panel headed by the cabinet secretary to consider granting LGBTQ couples rights and privileges available to heterosexual couples in public services, including banking.
The bank said that the report reveals the economic realities and aspirations of the LGBTQIA+ community. “By making Pink Capital visible, we are not just doing the right thing; we are building the future of inclusive finance in India,” said Rajkamal Vempati, group executive and head of human resources, Axis Bank.
