• Source:PTI
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The finance ministry on Thursday said there was no impediment to the LGBTQ community members from opening joint bank accounts and naming individuals in same-sex relationships as nominees.

Elaborating that there was no legal barrier to prevent members of the LGBTQ community from opening joint bank accounts and naming a person from their community as a nominee, the Ministry of Finance said in an advisory on August 28.

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The advisory from the Ministry of Social Justice and Empowerment for Lesbian, Gay, Bisexual, and Transgender Community (LGBT Community) comes in the wake of the Supreme Court’s order on October 17, 2023, in Supriya@Supriya Chakraborty and another v. Union of India (Writ Petition Civil No.1011/2022).

According to a recommendation from the Financial Services Department under the Ministry of Finance, the Reserve Bank of India (RBI) has also issued a clarification on August 21, 2024, to all scheduled commercial banks.

In 2015, the RBI had directed banks to include a separate column ‘third gender’ in all their forms and applications to facilitate the opening of bank accounts by transgender individuals and for availing related services.

In line with the 2015 order, several banks have launched transgender services. ESAF Small Finance Bank Limited launched the ‘Rainbow Savings Account’ exclusively for the transgender community in 2022, offering a host of features including higher savings rates and advanced debit card facilities.

In April 2024, the Centre set up a six-member committee, headed by the Cabinet Secretary, to examine various issues related to the queer community following the Supreme Court verdict on October 17, 2023.

It was tasked with examining the measures that can be taken to ensure that there is no discrimination against LGBTQ+ people in accessing goods and services and that the LGBTQ+ community does not face any threat of violence, harassment, or coercion.

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(With PTI's Inut)