Amit Shah says ₹6,842 cr refunded to 35.44 lakh Sahara Group depositors

Don't want to miss the best from Business Standard?

Cooperation Minister Amit Shah on Tuesday said a refund of Rs 6,841.86 crore has been disbursed to 35.44 lakh depositors of Sahara Group Cooperative Societies so far.

The refund has been given to 35.44 lakh depositors out of 1.41 crore who have submitted applications through the Sahara Refund and Re-submission Portals, he said in a written reply to the Lok Sabha.

Presently, a payment of up to Rs 50,000 is disbursed to each genuine depositor of the Sahara Group of Cooperative Societies against verified claims through Aadhaar-seeded bank accounts.

"The Ministry is taking all possible steps for payment to the genuine depositors...," Shah said.

The Supreme Court has extended the time till December 31, 2026 for disbursement to the genuine depositors of the Sahara Group of Cooperative Societies.

According to the minister, applications received on the portal are processed in a transparent manner, on proper identification and on submitting proof of their identity and deposits.

The disbursement process is guided by the Standard Operating Procedure and amendments made to it from time to time.

In case of any deficiency found in the application of the depositor on the portal, deficiencies are being conveyed to them for resubmission of their application through the "Re-submission portal" already launched on November 15, 2023.

The entire process of disbursement is digital and paperless and is being carried out under the supervision and monitoring of Justice R Subhash Reddy, former Supreme Court judge, with the assistance of amicus curiae Gaurav Agrawal.

Following the apex court order dated March 23, 2023, the CRCS-Sahara refund portal -- https://mocrefund.crcs.gov.in -- was launched for submission of claims by the genuine depositors of four multi-state cooperative societies of Sahara Group, namely; Sahara Credit Cooperative Society Ltd., Lucknow, Saharayn Universal Multipurpose Society Ltd., Bhopal, Humara India Credit Cooperative Society Ltd., Kolkata; and Stars Multipurpose Cooperative Society Ltd., Hyderabad for refund of their legitimate deposits.