News-CRUX-10     19th July 2023        
Context: Union Home and Cooperation Minister launched 'CRCS-Sahara Refund Portal', aimed at refund of hard earned money of crores of depositors in four
cooperative societies of Sahara Group in about 45 days.

CRCS-Sahara Refund Portal

  • The money will be returned to 10 crore investors of the four cooperative societies within nine months.
  • This was followed by a Supreme Court order directing the transfer of Rs 5,000 crore from the Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS).
  • Around 2.5 crore people have deposits of up to Rs 30,000 in the four 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.
  • The refund portal has been developed by a subsidiary of IFCI Ltd, for submission of legitimate claims by the depositors of these cooperative
  • societies.
  • Depositors need two important things: Aadhaar registration with mobile and Aadhaar-linking with the bank account where refund is to be deposited.
  • Depositors will also require to provide receipt details, and that they will need to download a form, fill it and re-upload it on the portal for
  • processing of the refund.
  • The Common Services Centre would also help and guide depositors for online registration on the portal for refund.