India has been proactive in including the same sex audiences in every section of the society. Within the realm of the Banking and Financial Services Industry (BFSI), a transformative narrative is taking shape—one that places emphasis on inclusivity, diversity, and social responsibility.
Even though many progressive steps have been taken towards the financial inclusion of the third gender comunity, they still grapples with a series of unique challenges.
Traditionally synonymous with numbers, transactions, and investments, the BFSI sector is experiencing a paradigm shift. In an era that champions diversity and equal rights, the BFSI industry is rising to the occasion.
Many companies in the sector are proving that financial services can be a powerful force for societal change.
How companies are working towards financial inclusion of LGBTQIA+ community?
India’s leading private sector banks, Axis Bank, marked the third anniversary of the Supreme Court verdict on Section 377 by announcing ‘ComeAsYouAre’; a charter of policies and practices for employees and customers from the LGBTQIA+ community.
It invited same sex partners to open joint savings accounts and/or term deposits, list each other as nominees and gave the option of adding the honorific ‘Mx’ for customers of varied genders.
Customers of Axis Bank could avail of a top up Tata AIG health insurance with their life partners at a nominal rate.
“We have rolled out several initiatives for our customers and employees from LGBTQIA+. This is a continuation of Axis Bank’s journey in walking the talk and implementing initiatives that embrace diversity, equity and inclusion within the organization and for its customers,” Harish Iyer (he/she) – VP & Head- Diversity, Equity & Inclusion, Axis Bank.
ComeAsYouAre Charter for employees covers Mediclaim, Dress Code/Restroom etiquettes, among others. While the ComeAsYouAre Charter for LGBTQIA+ customers focus on Joint account/Nominee, and Health Insurance schemes.
Axis Women In Motion for Students and rural communities, Axis DE&I Curriculum for students, Axis VIBE are some other key initiatives by the bank.
Nalin Jain, Chief Customer Officer and Chief Marketing Officer at Godrej Capital said the company has built a clear and transparent model that will empower the applicants with explicit knowledge of obtaining such loans. A Godrej Capital home loan’s key benefits and features are similar for all its customers.
“We support offering same-sex partners a chance to buy their homes together. Our home loan features and benefits are similar for everyone. We proudly offer higher eligibility, quick sanction, attractive interest rates, and design your EMI with flexible repayments,” he added.
Cashfree Payments is also working in the direction to promote diversity within the workforce.
“To promote diversity within the workforce, we have revised our Group Mediclaim Insurance (GMC) policy to include not just our LGBTQI+ employees, but their family members as well. This is in addition to covering pre-existing conditions, two dependent children and two parents,” said Chetan Yadav, SVP – HR , Cashfree Payments.
“Our GMC coverage offers insurance cover of INR 5 lakhs for hospitalisation expenses. In the event that any Cashien (as Cashfree Payments’ employees are popularly known) wants to purchase additional medical insurance coverage, there are also very attractive options of TopUp of up to INR 10 Lacs on the additional sum insured,” he added.
Maternity and Paternity leave policies also extend to our LGBTQI+ employees who choose to adopt or opt for surrogacy, he told.
Chetan Yadav further told that the company holds no inquiries regarding gender orientation or LGBTQI+ status are asked of applicants or employees during the hiring, onboarding, or tenure of employees.
This ensures that that both new and current employees feel comfortable and free from biases in order for them to approach and work with our organisation with confidence.
