Bangalore : Axis Bank, one of the largest private sector banks in India, announced the launch of ‘Pink Capital: The Spectrum of Queer Money’, a qualitative report that explores the financial lives of India’s LGBTQIA+ community.
The report’s findings reveal that queer consumers prioritize essential needs, with the largest share allocated to Systemic Access & Equality (34.2%), followed by Healthcare & Safety (20%), Financial Security & Future Stability (18.6%), Emotional & Social Recognition (17.3%), and Lifestyle & Culture (10%). These spending patterns reflect a community that prioritizes survival, dignity, and long-term stability. Notably, mental health services and elder care emerged as key focus areas.
Among other insights, the study found that queer consumers are increasingly drawn to brands that offer tangible, inclusive solutions, such as joint accounts, pension access, and healthcare benefits. While inclusive branding is appreciated, it is everyday inclusion that builds lasting trust and loyalty.
In terms of financial security and future stability, two extremes emerged as focal points. While the youth stressed on Banks and Educational institutions that can create student loans, scholarships, and queer-focused savings or retirement products, the older cohort felt the need for community housing models and queer-affirming retirement homes.
“Over the years, Axis Bank has serviced thousands of accounts opened under the honorific marker ‘Mx’ or by Transgender Individuals—a testament to growing trust, deeper engagement with the community, and the rise of a distinct and increasingly visible customer segment,” said Munish Sharda, Executive Director, Axis Bank.
Building on this progress, Axis Bank is taking inclusive banking a step further by uncovering the economic realities and aspirations of the LGBTQIA+ community through this report.
“By making Pink Capital visible, we are not just doing the right thing, we are building the future of inclusive finance in India,” said Rajkamal Vempati, Group Executive & Head of Human Resources, Axis Bank.
The report is part of Axis Bank’s broader ESG and DE&I agenda, which was deepened in 2021 with the launch of the #ComeAsYouAre Charter. This charter introduced inclusive policies and practices for employees and customers from the LGBTQIA+ community, such as joint savings and term deposits for same sex partners along with nomination facilities for partners and the usage of honorific Mx instead of Mr and Ms for customers of varied gender identities. The Bank continues to advocate for inclusive access while respecting privacy, including not collecting data on same-sex partners.
“Pink Capital brings forward voices that have long been left out of financial conversations,” said Harish Iyer, SVP & Head – DE&I, Axis Bank.
The launch coincides with the 7th anniversary of the Supreme Court verdict on Section 377, a moment that reaffirmed dignity and authenticity for the LGBTQIA+ community. It was unveiled during Sparsh Week, Axis Bank’s flagship celebration of culture and customers, reaffirming the Bank’s commitment to service, inclusion, and customer-centricity.
