Launch of 'CRCS-Sahara Refund Portal' by Union Home Minister and Cooperation Minister Amit Shah

Tags: Economy/Finance

On 18 July 2023, Union Home Minister and Cooperation Minister Amit Shah inaugurated the 'CRCS-Sahara Refund Portal' in New Delhi.

An Overview of the News

• The Ministry of Cooperatives is actively working to strengthen the cooperative movement in India and protect the interests of cooperative members.

Background:

• The Ministry of Cooperatives filed an application in the Hon'ble Supreme Court of India to address the grievances of the genuine members and depositors of the Cooperative Societies of Sahara Group.

• On March 29, 2023, the Supreme Court ordered the transfer of Rs 5000 crore from the "Sahara-SEBI Refund Account" to the Central Registrar of Cooperative Societies (CRCS) for payment to valid depositors.

Objective of the Portal:

• 'CRCS-Sahara Refund Portal' has been developed to facilitate submission of valid claims by genuine depositors of Sahara Group of Co-operative Societies.

• Eligible depositors include members of Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited and Stars Multipurpose Cooperative Society Limited.

Significance:

• With the launch of the portal, the refund process has been streamlined, ensuring that genuine depositors receive their dues from Sahara Group of Cooperative Societies.

• It exemplifies the commitment of the government to protect the interests of cooperative members and strengthen the cooperative movement across the country.