The Finance Ministry said on Thursday that it had made an important decision on the joint account and nomination. The ministry has said there are no restrictions on opening joint bank accounts for people from the LGBTQ community and nominating a person living in a same-sex relationship.
The Ministry of Finance issued a notice on August 28 saying that it is made clear that there is no restriction on people belonging to the gay community to open a joint bank account and nominate a person in a same-sex relationship. This notice was given by the government pursuant to a Supreme Court decision last year. Let us also tell you what it is all about.
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This was the decision of the Supreme Court
This advisory to the lesbian, gay, bisexual and transgender (LGBT) community has been issued by the Ministry in view of an order of the Supreme Court passed on October 17, 2023. The Supreme Court had passed this decision in the case of Supriya Chakraborty v. Government of India (Writ Petition No. 1011/2022). A notification issued by the Department of Financial Services, Ministry of Finance, states that the Reserve Bank of India (RBI) has also issued a clarification in this regard to all scheduled commercial banks on August 21, 2024.
Advice on opening a joint bank account and nomination of the same by people from the Queer community.#DFS_India pic.twitter.com/rf1ngKsPEa
-DFS (@DFS_India) August 29, 2024
RBI has also made it clear
In 2015, the RBI had directed banks to include a separate column in all their forms and applications to help transgender persons open bank accounts and avail related services. After the 2015 order, many banks have started services for transgender persons. ESAF Small Finance Bank Limited launched Rainbow Savings Account in 2022 exclusively for the transgender community. It offered many facilities including higher savings rates and advanced debit card services.
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I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,
