2016 Indian Cash Crisis: How Ram Gopal Saved his Life Savings.

story Thursday, 22 November, 2016

Ramgopal (on right), a father of 4, migrated to Indirapuram (Delhi NCR) with his family all way from Bihar to seek a better livelihood. Due to lack of any identification document, neither Ramgopal nor the 8 other families in his slum complex had ever used the government's zero-deposit bank scheme 'Jan Dhan Yojana' or any other banking service.

Thus, when demonetization was announced, Ramgopal completely unaware of the required procedures, was among the many slum dwellers over India who went into a state of panic due to hoaxes and misinformation and had lost hopes of getting his money back. After we visited his slum complex in November, MeraSMS started using its timely voice reminders and local network of volunteers to help Ramgopal and other 9 families of his complex throughout the demonetization period by providing vital information and support to get their savings reclaimed. Over the demonetisation period, around 400 slum households were supported by our financial literacy and timely voice reminders.