Values-based banks aim to build an inclusive financial system that responds to the needs of everyone, and not just a few
Rainbow Savings Account exclusively for the transgender community
In Hindunism, transgender is known as hijras, a community associated with religious belief and their status is legalized in some parts of India, such as Mumbai. ESAF as a leading social bank, marks a great milestone in striding into inclusive banking by launching a trans-friendly scheme – Rainbow Savings Account exclusively for the transgender community. This scheme offers a high saving rate and advanced debit card facility that aims to foster the communities’ saving habit.
Throughout the evolution of gender friendly banking in India, the Reserve Bank of India directed banks to separate a column for ‘third gender’ in all official application forms back in 2015. Over the years, India has moved down the avenue of gender eqality – decriminalising homosexuality, passing a trans right bill. This year, ESAF has announced a progressive move in September 2022, launching the Rainbow Savings Account which serves the transgender community exslusively.
The bank believes the schemes offer equal financial access, inclusion of livelihood and economic development. Offers include high-interest rates and advanced debit card facilities which aim at benefiting the savings habit of a marginalised community. The launch of the scheme, which is organised in association with Navodaya Movement, has brought many transgender people together from different parts of Kerala. The movement for improving transgender rights has spread in India for a decade, and it is high time for the banking sector to join the alliance.
Paul Thomas, CEO at ESAF says: “The savings habit of the marginalised community will contribute heavily to the growth of the economy as a whole.”