ESAF SFB Launches ‘Rainbow Account’ For Transgender Community

ESAF SFB Launches ‘Rainbow Account’ For Transgender Community: A “Rainbow Financial Savings Account” has been made available by ESAF Small Finance Bank (ESAF SFB) specifically for the transgender community to promote a trans-friendly or inclusive labor tradition. Many transgenders participated in the launch of Rainbow Savings Account’s logo event from different parts of Kerala. The excluded community’s savings behavior will have a significant impact on the expansion of the economy as a whole.

ESAF SFB Launches ‘Rainbow Account’ For Transgender Community

• ESAF Small Finance Bank Ltd. launched “Rainbow Savings Account,” which has several features tailored especially for the transgender community. These features include a high savings rate and cutting-edge debit card capabilities.
• The Rainbow Savings Account logo launch ceremony was held in collaboration with the Navodaya Movement, and it included a number of transgender people from various parts of Kerala.
• The Reserve Bank of India mandated that banks include a separate column on all of their applications and forms called “third gender” in 2015.
• According to a statement from Kerala-based ESAF Small Finance Bank, a trans-friendly or inclusive workplace culture is urgently required, and this is an important step toward an inclusive revolution.
• Significance of this step: Saving habits of the disadvantaged group will have a big impact on the overall growth of the economy.

Rainbow Savings Account

The “Rainbow Savings Account” program offers a high-interest rate and advanced debit card features. Another appealing element of the plan is the default credit of interest to the account.

ESAF SFB Launches ‘Rainbow Account’ For Transgender Community in Hindi

ESAF Small Finance Bank

• An Indian small finance bank called ESAF Small Finance Bank offers banking services and microloans to the unbanked. It was formerly known as ESAF Microfinance and Investments Pvt. Ltd.
• Before becoming a bank, ESAF operated as a non-banking finance company and microfinance institution (NBFC-MFI), with its headquarters in Thrissur, Kerela, and a license from the Reserve Bank of India (RBI).
• With a focus on financial inclusion, ESAF Bank has a history of more than 25 years of primarily serving the underserved and unserved. Its vision is to become India’s top social bank by providing equal opportunities through widespread financial access, as well as by including livelihood and economic development.

Navodaya Movement

• The Mar Thoma church launched the Navodaya Movement as a mission to assist the transgender population regardless of caste, race, or creed.
• To rehabilitate transgender people and reintegrate them into society at large, the church started the transgender reintegration initiative in Mumbai in 2014. The church provides shelter homes, holds awareness campaigns, and integrates the neighborhood as a part of the movement.