ESAF Small Finance Bank introduces special Rainbow savings account for transgenders

7 Sep 2022 , 07:22 AM

On Tuesday, ESAF Small Finance Bank Ltd. introduced a “Rainbow Savings Account” with a number of features designed specifically for the transgender community, including a high savings rate and cutting-edge debit card capabilities.

A trans-friendly or inclusive workplace culture is urgently needed, and this is a significant step toward the inclusive revolution, according to a statement from Kerala-based ESAF Small Finance Bank.

In 2015, the Reserve Bank of India ordered banks to add a distinct column labeled “third gender” to all of their applications and forms.

According to the bank’s managing director K Paul Thomas, who told ET, ESAF Bank has a history of more than 25 years of primarily providing the unserved and underserved with a focus on financial inclusion. Its vision is to be India’s leading social bank, offering equal opportunities through widespread financial access and inclusion of livelihood and economic development.

Several transgender people from various areas of Kerala took part in the ceremony to launch the Rainbow Savings Account logo, which was put on in cooperation with the Navodaya Movement.

According to Thomas, the marginalized community’s savings behavior will have a significant impact on the expansion of the economy as a whole.

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