Axis Bank launched India’s first qualitative financial inclusion report for LGBTQIA+ community, titled “Pink Capital: The Spectrum of Queer Money”. It was released during Sparsh Week 2025 and coinciding with the 7th anniversary of Supreme Court’s Section 377 verdict (which reaffirmed dignity and authenticity for LGBTQIA+ citizens).
This marks a pioneering step in inclusive banking and financial literacy, highlighting the spending patterns, aspirations, and financial barriers faced by queer communities in India.
Report Findings
Spending Priorities of LGBTQIA+ Community:
- Systemic Access & Equality → 34.2%
- Healthcare & Safety → 20%
- Financial Security & Future Stability → 18.6%
- Emotional & Social Recognition → 17.3%
- Lifestyle & Culture → 10%
Key Insights:
- Focus on survival, dignity, and long-term stability.
- Mental health services and elder care emerged as critical needs.
- Inclusive products preferred: joint accounts, pension access, healthcare benefits.
- Youth priorities: student loans, scholarships, queer-focused savings/retirement products.
- Older cohort priorities: community housing, queer-affirming retirement homes.
- Everyday inclusion > tokenistic branding → trust is built through tangible services.
Axis Bank’s Initiatives for LGBTQIA+ Inclusion
- “ComeAsYouAre” Charter:
- Gender-neutral title “Mx” enabled.
- Joint accounts for queer/trans customers.
- Employee benefits → coverage for gender affirmation surgeries.
- Accounts & Engagement:
- As of 31 March 2025: over 11,000 accounts opened with Mx marker.
- Pride365 Employee Resource Group has crossed 1,000 members.
- Services thousands of transgender and queer customers → demonstrating rising trust and visibility.
- Pink Capital Report builds on this progress, creating a knowledge base for inclusive financial products.
Significance
- India’s first dedicated queer financial inclusion study → sets precedent for other banks.
- Strengthens Axis Bank’s position as a leader in inclusive banking.
- Bridges the gap between financial institutions and LGBTQIA+ needs.
- Highlights need for queer-affirming retirement planning, housing, mental health financing, and systemic equality measures.
- Aligns with global ESG (Environmental, Social, Governance) trends focusing on diversity and inclusion in finance.
About Axis Bank
- Established: 1993 (as UTI Bank; renamed Axis Bank in 2007).
- Headquarters: Mumbai, Maharashtra.
- MD & CEO (2025): Amitabh Chaudhry.
- Tagline: “Badhte India Ke Saath”.
- Branches: 5,868+; Employees: 1 lakh+.
Key Facts
- Section 377 Verdict: Struck down by Supreme Court of India in 2018 (Navtej Singh Johar vs Union of India), decriminalising consensual homosexual relationships.
- LGBTQIA+ in Banking: RBI guidelines encourage gender neutrality and inclusion in KYC norms.
- Mx Title: A gender-neutral honorific used in place of Mr/Ms, recognized globally in inclusive banking.
- Other Banks in Inclusion: HDFC, ICICI, and Yes Bank also allow Mx honorifics and run Pride ERGs, but Axis Bank is the first to publish a dedicated financial inclusion report.