A Truly Mutual Fund

Can money be a force for positive change? Can it transform the world for the better where real wealth and security come from connection and community? Is it possible to create an economy that values social, environmental and racial justice?

These were some of the questions that Deepa - founder of many nationally acclaimed alternative initiatives like Zero waste lifestyle forum, ‘Dariya Dil Dukaan’ an online sharing forum, ‘Pipilika’ a slow travel initiative, and Delhi’s first community terrace - was seeking answers to when she started an experiment with money.

The Purple Sock Experiment

Years ago, Deepa found some cash under a park bench, which sparked an idea. She picked it up, came back home, stuffed it in a purple sock and kept it safely in a drawer. She decided to lend it interest-free to whoever asked for it and promised to return it. Thus began her sock experiment.

As the word about the purple sock spread, friends and acquaintances started reaching out for financial support. Some would request the entirety of the sock's contents, while others asked for only a portion. Every time the sock went around, it mostly came back on the promised date and with the exact amount that was borrowed from it. The sock had a way of returning to the drawer without being chased. The question “सोक है क्या (Is the sock there?)” and this dance of unconditional sharing became a part of Deepa’s life, deeply rooted in trust and genuine connections.

In November 2016, the sock experiment ended abruptly when the government announced Demonetization and the invalidated currencies had to go back to the bank. Deepa and many others then utilized the sock money to sustain them for as long as it lasted.

Deepa’s subsequent experiences and social experiments on similar lines convinced her that with the initiation of a similar compassionate corpus in every community, money could be used as a tool for transformation.

For almost six years since, Deepa went on an amazing journey of discovery and learning. She travelled the length and breadth of the country, adding diverse nuggets of wisdom and knowledge to her understanding of capital in the social context. During the pandemic, Deepa went on an extended bicycle exploration and covered 2400km in India without a phone or any money on her – she survived purely on the currency of generosity and gratitude. In these sixty-one days of travel, Deepa had a roof over her head every night and never slept hungry.

She went on to live in Auroville in Tamil Nadu for two years, living an unusual life, by simply exchanging her skills in return for food and accommodation. After this, Deepa was ready to try her experiments in another country. To this end, she embarked on another fascinating journey in a completely different part of the globe.

*Deepa shows us how money can be used as a tool for transformation, where real wealth and security come from connection and community. Illustration by Amrita Das.*

The Currency of Compassion

In July 2022, Deepa got an opportunity to go to Brazil on a fellowship to conduct a year-long unique surrender experiment. The project involved living with strangers to explore and experience radical gratitude and generosity. To keep her gently afloat in Brazil, she started a fundraiser. With the support of a dear friend, Deepa sent out 50 emails daily to reach the 2900 people on her email contact list. Deepa sent these emails to do slow and deep check-ins with her recipients. She wrote to them about where she was in life, her experiments and the support she sought. She extended the same gesture to her 3500+ Facebook friends to connect at a deeper level and reinforce the spirit of mutual support.

Love, money, and advice poured in from her friends and well-wishers, smoothly taking Deepa to live with individuals, families and communities she met for the first time. There, she offered them the gifts of her skills, time and presence in exchange for food, accommodation, care and love. Amid 9000 hectares of Brazil’s vast and diverse Atlantic National Park, enveloped by abundance and kindness, Deepa gained new insights into her experiments. Inspired by the wisdom and generosity of the forest and its countless creatures, she decided to start a collective fund - one that operated on the principle of unconditional giving.

After a decade-long experience exploring various forms of capital like gifting, skill exchange, and bartering in several locations, she decided to dive deeply into this radical system of mutual support - ‘Microgifting’.

The Many Gifts of Microgifting

Microgifting, the opposite of microfinancing, involves using money as a transformative tool, where small increments of money are gifted, not loaned, to those who ask for it. Deepa created a trust corpus called 'Maitri Money.' ‘Maitri’ means benevolence, loving-kindness, friendliness, goodwill, and an active interest in others. ‘Maitri Money’ represents a unique community fund where 3000+ individuals pledge INR 120 or more per year or as often as they like. This collective contribution forms a fund pool for the community - to be shared as a gift with anyone who asks for it. Deepa believes all human needs are equal and deserve an equal chance to be expressed, acknowledged and fulfilled. Whoever writes to her is supported with whatever amount is available at that time as a gift with no hidden expectations of receiving it back or contributing to the corpus. She believes the circle of gifting is wide and shall take care of itself, much like the running of the corpus fund.

*Maitri Money wants to expand the domain of reciprocity from a group of contributors to the entire planet. Illustration by Amrita Das.*

Deepa likes to call ‘Maitri Money’ a ‘Truly Mutual Fund’ (TMF) as unlike a traditional Mutual Fund (MF) that primarily focuses on benefiting a handful of investors and enables depletion of various other forms of wealth in communities and the natural world, TMF goes beyond individual gains. It helps those who invest in or receive from the fund and contributes to the community's and the environment's well-being by building wealth and capital for people to heal themselves and the world around them. It expands the domain of reciprocity from a group of contributors to the entire planet.

The Benevolent Bank

Many unseen forces have come together to ensure the community members manage the fund smoothly. They volunteer their time and resources to brainstorm ideas and taglines, make creatives to promote the initiative, collect, and disburse funds while meticulously maintaining detailed records of all transactions. Their resourcefulness has even extended to learning how to transfer funds internationally, avoiding unnecessary bank fees, and maximizing the impact of each contribution.

Ninety-nine people from India and Brazil were part of last year's corpus (July 2022-23) and contributed INR 2,25,032. Deepa’s professional earnings and donations also became a part of the corpus from which she took 25% to sustain herself and her experiments. Thirty-three individuals and their projects in India, Turkey, Brazil, and Gabon were offered support, with the other 75%. Some of them include learning centres for rural kids in Madhya Pradesh and Uttar Pradesh, a native seed conservation bank in West Bengal, facial hair treatment for a trans woman, an animal sanctuary, an emergency surgery in Tamil Nadu, new shoes for someone in Rajasthan, seed money for an upcoming café in Dehradun etc. Deepa lovingly categorizes the ‘gifting’ under - Emergence, Sustenance, and Abundance, covering everything from funding an emergency to sustaining a dream to fulfilling a wish that brings joy and happiness to someone.

“But what if the fund is misused?” is a question that Deepa gets asked frequently. In response, she acknowledges that while there is a possibility of misuse, the level of trust the community places in the beneficiaries and the scope of the fund play crucial roles in determining the extent of misuse. Based on her experience, Deepa believes that potential misappropriation within a community or organization is at most 50% in most cases. Even if there were instances of misuse, it would uphold the fund’s overall success and positive impact.

Deepa's dream is to witness her model replicated everywhere. She wants each community, regardless of size or location, to adopt the power of Microgifting and embrace the principles of radical gratitude, generosity, and mutual support.

Deepa’s Maitri Money flows like a river, covering everything from funding an emergency to sustaining a dream to fulfilling a wish that brings joy and happiness to someone. Illustration by Amrita Das.

Maitri Money 2.0 (August 2023- July 2024) is now open and invites 3000 people to donate Rs. 365 (or more) per year (or more often)

To know more Maitri money, click here.

To know more about Deepa, please click here.

If you wish to write to Deepa, her email is: stigmatad@gmail.com. You can also follow her work here.

You can also get in touch with Adil Basha who runs another community fund called Chit Chat Fund. His email is free2rhymeadil@gmail.com.

Written by Pooja Dhingra with inputs from Deepa

Illustrated by Amrita Das

Edited by MJ Neela

Amrita das: Painting was a subject which attracted Amrita since childhood and in 2004 she joined the Mithila Art Institute. She loves to draw sketches on contemporary issues and women empowerment. Her debut children’s book ‘Hope is a Girl selling Fruit’ is a huge success and has inspired Amrita to continue her journey as an art devotee .

We would like to thank Nagarathna Memorial Grant for supporting this story.

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