BackGiving is now going digital
Giving is now going digital
PremiumBe philanthropic:It’s all online and automated.
Charitable giving in India has doubled in the last six years, and the Internet is one of the instruments driving this change. The Web is making it easier than ever to become a digital philanthropist, and this shows in the numbers.
While that sounds low, India is one of the leaders in charitable giving among developing nations; in developed countries such as the US, private giving accounted for 2.2% of the GDP in 2009.
The 2011 “World Wealth Report" by information technology (IT), consulting and outsourcing company Capgemini and financial services company Bank of America Merrill Lynch put India’s high networth individual (HNI) population at 12th largest in the world.
In an environment such as this, crowd-sourced charity, backed by technology, could play a crucial role in propelling charity in the country. Philanthropy is not “strong" in India—even offline. But a growing number of Indians are involved in “social investing", suggests the Bain and Company report.
Today, philanthropy is not just for the rich. You can give small amounts online and make a difference. Technology makes it possible for you to pick your cause, and ensures you can follow up on how your money is used, right at your desk.
Are you waiting to give? We picked four sites that crowd-source “giving". The sites provide an insight into how technology can be used to overcome hurdles to make the world a better place. But best of all, everything is online and automated, so practically 100% of what you give goes to the cause.
Right to Live
The site brings together more than 5,000 doctors and volunteers who give of their time and expertise, the services of hospitals willing to spare patient-care facilities, pharmaceutical firms, medical institutions, HNIs and donors like you and me, to aid needy patients. You can pick the patient you wish to donate to (scrutinized and authenticated by Right to Live), learn the patient’s history, and keep track of how your funds are used.
“There are privacy issues," says Kote, “as all patient reports cannot be shared, and we maintain a balance between the law and a patient’s needs. But because we are online, we have the potential to reach a very large group of needy patients and donors." All donations are exempt from tax.
Milaap
Milaap identifies the needy and brings the lenders together. It has raised over $200,000 (or ₹ 1.07 crore), since it started in 2010. You can visit the Milaap site and decide who should get your loan (with a minimum commitment of ₹ 1,000), whether the beneficiary should be male or female, and the loan repayment period. Then hit the “Give a Loan" button and get going. When the borrower repays the loan, you can decide who should get your money next. If you think about it, that’s an innovative way to recycle your charity corpus.
Samhita
Samhita is a philanthropic initiative of the Nadathur Trust, registered as a trust in Karnataka. The trust manages an investment portfolio of over $600 million from angel and venture funds to private equity, public equity and debt. It was founded in 2000 by N.S. Raghavan, a co-founder of Infosys Ltd. At the time of printing, financial disclosures had not been published, but the Samhita website says this will also happen shortly.
Ekjaa
Write to us at businessoflife@livemint.com
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