The report notes that queer money often flows into mainstream economies but rarely circulates back due to legal and structural barriers.
Published Sep 08, 2025 | 4:06 PM ⚊ Updated Sep 08, 2025 | 4:06 PM
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Synopsis: The study, aligned with Axis Bank’s “Dil Se Open” philosophy, incorporates data from a PEGBOARD PICNIC event with 50 participants aged 18 to 81, dialogues with the TWEET Foundation, and expert insights. It estimates the community’s “pink purchasing power” at $168 billion, citing Observer Research Foundation figures, while a World Bank report suggests exclusion could cost India 0.1 percent to 1.7 percent of GDP annually due to lost productivity and access disparities.
A recent report titled “Pink Capital: The Spectrum of Queer Money“, released on September 5, 2025, by Axis Bank in partnership with Pegboard and The Keshav Suri Foundation, throws insight into the financial behaviors and challenges faced by the LGBTQIA+ community in India.
The 41-page document delves deeper assessing how queers earn, save, invest, and navigate systemic barriers.
The study, aligned with Axis Bank’s “Dil Se Open” philosophy, incorporates data from a PEGBOARD PICNIC event with 50 participants aged 18 to 81, dialogues with the TWEET Foundation, and expert insights.
It estimates the community’s “pink purchasing power” at $168 billion, citing Observer Research Foundation figures, while a World Bank report suggests exclusion could cost India 0.1 percent to 1.7 percent of GDP annually due to lost productivity and access disparities.
34.2 percent prioritise systemic access (e.g: inclusive banking, housing), 20 percent focus on healthcare (e.g: gender-affirming care), 18.6 percent seek financial stability (e.g: retirement options), 17.3 percent value emotional recognition (e.g: parental acceptance), and 10 percent consider lifestyle needs (e.g: representation in media).
The report notes that queer money often flows into mainstream economies but rarely circulates back due to legal and structural barriers.
“Pink Capital reveals the ebb and flow of our community’s truth-transgender people sending money home, supporting families, yet often not welcome at the very tables they sustain. Sometimes our pink money is accepted, but not the pink and blue of our trans flag. Pink Capital is not just economics… it is a social commitment to reciprocity, and radical belonging,” said prominent queer activist Sushant Divgikar aka Rani Ko-He-Nur.
Axis Bank’s “ComeAsYouAre” charter, detailed in the study, includes policies allowing joint accounts and Mx honorifics for customers, and benefits like gender affirmation surgery coverage for employees.
“Pink Capital is about identity, security, and the right to dream. We are now at a point where the community must be seen as participants – with agency to shape the economy itself. By studying Pink Capital, we are moving the conversation from identity to impact. We believe that inclusion must mean access to money, products, and opportunities that enable queer Indians to live with identity, to create security, and to build futures,” said Harish Iyer, Senior Vice President, Head of Diversity, Equity & Inclusion Axis Bank.
Iyer is a renowned queer crusader who moved Supreme Court on Section 377, marriage equality, and blood donation rights.
As of March 31, 2025, over 11,000 accounts use the Mx marker, and the Pride365 Employee Resource Group has surpassed 1,000 members.
Personal accounts from individuals like Zainab Patel, a transgender entrepreneur, and Ajay Nayak and Rosun Rajkumar, who opened a joint account, showcase the policy’s real-world impact.
“More than any gift, I’d spend on creating the moment when my family accepts me in social settings – that’s priceless,” said a 32-year-old trans man.
A 26-year-old non-binary teacher added, “I always keep something aside because I don’t have family support to fall back on. Many of us save this way.”
The report, authored with contributions from figures like Harish Iyer and Sharif D Rangnekar, calls for further research to address data gaps and advocates for inclusive financial products.
Interestingly, the release of the report aligns with the 7th anniversary of the Supreme Court’s landmark Section 377 ruling, which upheld the dignity and authenticity of the LGBTQIA+ community. The launch took place during Sparsh Week – Axis Bank’s initiative of recognising culture and diversity of customers.
(Edited by Amit Vasudev)
