Amit Shah, the Union Home Minister and Minister of Cooperation, launched the Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal in New Delhi today. The portal available is specifically designed for depositors of Cooperative Societies within the Sahara Group, such as Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited, and Stars Multipurpose Cooperative Society Limited.
The launch event was attended by B.L. Verma, the Union Minister of State for the Ministry of Cooperation, Justice R. Subhash Reddy, Former Judge of Supreme Court, Gyanesh Kumar, the Secretary, Ministry of Cooperation, and depositors of the four cooperative societies of Sahara Group.
Amit Shah highlighted the significance of this initiative, acknowledging that the concerns of honest depositors whose money was trapped in these cooperative societies had not been adequately addressed. He recognized that investors' plight is often overlooked during multi-agency seizures, leading to feelings of insecurity and mistrust towards cooperative societies.
Shah emphasized the importance of the cooperative movement, as many people in the country lack capital but are eager to contribute to national development. The establishment of a separate Ministry of Cooperation under the leadership of Prime Minister Narendra Modi reflects the government's commitment to promoting cooperative initiatives.
To tackle the issue of scams tarnishing the credibility of cooperative societies, a committee was formed under the chairmanship of a former Supreme Court judge, as directed by the Supreme Court, to ensure a transparent payment process. In the initial phase, the portal aims to transparently refund an amount of Rs. 5,000 crore to investors, with further efforts planned for refunding the remaining investors.
The portal will facilitate payments of up to Rs. 10,000 to one crore investors who had deposited Rs. 10,000 or more. It contains comprehensive data from all four societies, ensuring a streamlined application process, and safeguards have been put in place to prevent manipulation or injustice to genuine investors.
The Minister of Cooperation stressed that only those who have made investments will be eligible for refunds. To apply, investors must ensure that their Aadhaar card is linked to their mobile number and bank account.
The refund process is expected to be completed within 45 days, and arrangements have been made to file applications through Common Service Centers (CSC) for the convenience of applicants.
