Amit Shah launches ‘CRCS-Sahara Refund Portal’, 1.7 cr depositors will benefit in first phase

New Delhi [India], July 18 (ANI): Union Home Minister and Minister of Cooperation Amit Shah on Tuesday launched ‘CRCS-Sahara Refund Portal’ here in the national capital for disbursement against the legitimate dues of the genuine depositors of the Sahara Group of Cooperative Societies.

The portal has been developed for submission of legitimate claims by the genuine depositors of the Sahara Group of Cooperative Societies namely- Sahara Credit Cooperative Society Ltd., Saharayan Universal Multipurpose Society Ltd., Humara India Credit Cooperative Society Ltd and Stars Multipurpose Cooperative Society Ltd.

Speaking at the event, the Home Minister said the claims of 1.7 crore depositors will be settled through the portal in the first phase.
"All data on the four Cooperatives is online. This portal will help 1.7 crore depositors register themselves in the portal. The claim of these depositors will be settled in the first phase. Genuine depositors will be get their money back. The money will be refunded in the bank account of depositors within 45 days," said the Home Minister.

This is among one of the initiatives taken by the Ministry of Cooperation, since its formation, to strengthen the cooperative movement in the country and to protect the interests of the members of the cooperatives.

It is pertinent to mention that to address the grievances of genuine members and depositors of Sahara Group of Cooperative Societies for payment of their legitimate deposits, the Ministry of Cooperation had filed an application in the Supreme Court of India.

The Apex Court in its order dated March 29 this year had directed that Rs 5,000 crores be transferred out of the “Sahara-SEBI Refund Account” to the Central Registrar of Cooperative Societies (CRCS) for disbursement against the legitimate dues of the genuine depositors of the Sahara Group of Cooperative Societies. (ANI)