Indian Government Launched CRCS-Sahara Refund Portal for Cooperative Societies Depositors
MAS Team | 19 July 2023
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The Indian government has initiated the process of refunding Rs5,000 crore to depositors whose funds are stuck in four cooperative societies of the Sahara Group. To facilitate this refund, Cooperation Minister Amit Shah unveiled the 'CRCS-Sahara Refund Portal.' The launch marks the beginning of a transparent trial for returning funds to Sahara Group depositors. The portal, developed by an IFCI subsidiary, is expected to benefit around one crore depositors. The link to the website to apply for Sahara Refund online is https://mocrefund.crcs.gov.in
 
Eligible depositors of four Sahara group societies - Sahara Credit Cooperative Society Ltd., Saharayan Universal Multipurpose Society Ltd., Humara India Credit Cooperative Society Ltd., and Stars Multipurpose Cooperative Society Ltd. - can apply for a refund on the CRCS-Sahara Refund Portal. To be eligible, the depositor's Aadhaar must be linked to their mobile number and bank account, along with providing receipt details.
 
The government has assured that the refund amount would be deposited into the bank accounts of claimants within 45 days. The portal's initial beneficiaries are estimated to be approximately one crore depositors. Among them, around 1.78 crore small investors with funds up to Rs30,000 stuck will receive their money back, a significant achievement.
 
The Sahara Refund Portal's application process is straightforward. Depositors need to enter their 12-digit Membership Number, the last 4 digits of their Aadhaar Number, 10-digit Aadhaar-linked Mobile Number, and Captcha. After entering the OTP received, users are required to give consent prompted by Aadhaar and accept the terms and conditions. Then, they must enter their 12-digit Aadhaar Number and another OTP for verification.
 
Once the OTP is verified, depositors will see their Aadhaar user details displayed, after which they need to enter the details shown on the Certificate of Deposit. The pre-filled claim request form will be prepared after entering all claim details, and depositors must affix their latest photograph and sign the claim form along with the photograph. The claim form and a copy of the PAN card must be uploaded on the "Upload Document" screen.
 
Depositors are advised to note down the claim request number for future reference. The first payment of up to Rs10,000 would be made to one crore investors who had deposited Rs10,000 or more. The entire process aims to complete the refund within 45 days, providing relief to depositors whose funds were locked in cooperative societies. Make sure to note down the claim request number for future reference.
 
For more information, users can refer to the FAQ shared on the Sahara Refund Portal. The CRCS-Sahara Refund Portal represents a crucial step towards returning funds to depositors and streamlining the refund process in a transparent and efficient manner.