The Central Government has announced that LGBTQIA+ couples can now open joint bank accounts and designate their partners as nominees. This move follows an advisory from the Ministry of Finance. This policy shift marks a significant step towards greater financial inclusivity for LGBTQIA+ individuals.
The Central Government has announced that LGBTQIA+ individuals can now open joint bank accounts and designate their partners as nominees without restriction. This policy shift follows an advisory issued by the Ministry of Finance.
The advisory aligns with the Supreme Court’s recent constitution bench judgment in the case of Supriyo @ Supriya Chakraborty & Anr v. Union of India, which addressed same-sex marriage. While the Court, in a 3:2 majority decision, did not legalize same-sex marriage, it noted the submission by Solicitor General Tushar Mehta regarding the government’s commitment to defining the entitlements of queer couples.
The Supreme Court had directed the formation of a Committee chaired by the Cabinet Secretary to explore and establish provisions for queer couples. Among the considerations was the ability for partners in queer relationships to open joint bank accounts and name their partner as a nominee.
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In response, the Ministry of Finance issued a clarification stating, “There are no restrictions for persons of the Queer community to open a joint bank account and to nominate a person in a queer relationship as a nominee to receive the balance in the account, in the event of the account holder’s death.”
Additionally, the Reserve Bank of India had already issued a similar clarification to all Scheduled Commercial Banks reinforcing the new provisions.
This development marks a significant step towards greater financial inclusivity and recognition for LGBTQIA+ individuals in India.
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