Sahara Group of Coop Societies Depositors Recieve Rs 362 crore

Cooperation Minister Amit Shah on Wednesday informed Parliament that Rs 362.91 crore has been disbursed to over 4.2 lakh depositors of Sahara Group of Cooperative Societies as of July 16 this year.

Shah, in a written reply to the Rajya Sabha, said this disbursement is facilitated through the CRCS-Sahara Refund Portal, which was established following a Supreme Court order on March 29, 2023, aimed at assisting legitimate depositors in reclaiming their funds.

Presently, the payment of only up to Rs 10,000 is being disbursed to each genuine depositor against verified claims through an Aadhaar-linked bank account.

"An amount of Rs 362.91 crore has been released to 4,20,417 depositors of Sahara Group of Cooperative Societies as on July 16, 2024," Shah said in the reply.

He emphasised that applications received on the portal are being processed in a transparent manner on proper identification and submitting proof of their identity and deposits.

The entire disbursement process is digital and paperless, overseen by Justice R Subhash Reddy, a former Supreme Court judge, and Gaurav Agrawal, the Amicus Curiae.

If any deficiencies are identified in a depositor's application, they will be notified to resubmit their claims via a dedicated resubmission portal.

The Supreme Court's directive included transferring Rs 5,000 crore from the 'Sahara-SEBI Refund Account' to the Central Registrar of Cooperative Societies for the settlement of legitimate dues owed to depositors.