The move aims to assist depositors whose claims were earlier flagged for deficiencies or payment failures, allowing them to correct errors and resubmit applications through an updated digital platform.
Resubmission Window Opened
According to the ministry, the resubmission facility is currently available for claims aggregating up to ₹10 lakh. Revised claims submitted through the portal will be processed within 45 working days.
Depositors have been advised to carefully review the deficiencies communicated earlier and take corrective action while resubmitting their applications.
About the Refund Portal
The CRCS Sahara Refund Portal is developed to process refunds for depositors of four Sahara Group cooperative societies, in line with the Supreme Court’s 29 March 2023 directive.
Eligible societies include:
• Humara India Credit Cooperative Society Ltd (Kolkata)
• Sahara Credit Cooperative Society Ltd (Lucknow)
• Saharayan Universal Multipurpose Society Ltd (Bhopal)
• Stars Multipurpose Cooperative Society Ltd (Hyderabad)
The refund process for investors of these four societies is fully online and secured, with no provision for physical submission of claims.
Eligibility and Key Conditions
As per the updated frequently asked questions (FAQs), only genuine depositors with matured but unpaid deposits as on March 31, 2023, are eligible to file claims.
Deposits must have been made before:
• 22 March 2022 (for three Societies), or
• 29 March 2023 (for Stars Multipurpose Cooperative Society)
The government has capped the refund amount at ₹50,000 per depositor for now, with any decision on remaining balances to be communicated later.
Mandatory Requirements for Claim Filing
The ministry has stressed that claim submissions must include complete and accurate documentation. Key requirements include:
• Aadhaar-linked mobile number
• Aadhaar-seeded bank account
• Membership and deposit account details
• Deposit certificates or passbooks
• PAN card (mandatory for claims of ₹50,000 and above)
Without Aadhaar linkage to both mobile number and bank account, claims cannot be filed.
Step-by-step Process
The claim process involves two stages:
1. Registration: Using an Aadhaar-linked mobile number and OTP verification
2. Login and submission: Uploading documents and filling claim details
Depositors must submit all claims across multiple accounts in a single application form. Once submitted, no changes can be made.
Verification and Payout Timeline
The refund process follows a structured timeline:
• Verification by Sahara societies: within 30 days
• Processing by authorities: additional 15 days
• Total payout timeline: around 45 days from submission
Approved amounts will be directly credited to the depositor’s Aadhaar-seeded bank account.
No Provision for Nominees Yet
The FAQs clarify that, at present, claims can only be filed by the original depositor. There is no provision for nominees or legal heirs to apply in cases where the depositor is deceased.
Government Advisory to Depositors
The ministry has urged depositors to ensure accuracy while filing claims, as no edits are allowed after submission and an acknowledgement number is generated.
It also advised users to use updated web browsers such as Google Chrome or Microsoft Edge for a smoother experience.
Support and Assistance
For assistance, depositors can contact the respective Sahara societies or the portal helpdesk. Queries related to claims can be raised after 45 days of submission if required.
Moneylife Foundation has been tracking the troubles faced by investors of Sahara's various cooperative societies and has also hosted a Telegram group for aggrieved investors to coordinate and collectively find solutions to their problems. The group, which was formed during the pandemic, has over 600 members who regularly post about their experiences and share updates whenever one of them receives a refund. (
Read: Sahara CRCS Refund Portal: A Year of Delays, Many Still Waiting for Payout)
In 2023, the Supreme Court ordered a portion of the funds (₹5,000 crore) retrieved by the Securities and Exchange Board of India (SEBI) to be transferred to the Union ministry of cooperation to facilitate refunds to the investors. The apex court had ruled that the ₹5,000 crore should be paid to the legitimate depositors of the Sahara group of cooperative societies as soon as possible, but no later than nine months from the date of the ruling. Any remaining funds would then have to be transferred back to the Sahara-SEBI refund account.
As of 31 January 2024, only ₹258.47 crore has been paid to 277,000 applicants out of 12.1mn (million) claims filed by depositors of Sahara group's four cooperative societies through the CRCS portal (
Read: Sahara CRCS Refund: Just 2.77 Lakh out of 1.21 Crore Applicants Received Rs258.47 Crore, Says Govt). However, this data may not be completely accurate as the number of total registrations on the CRCS refund portal is a staggering 16mn (16,038,266) and the number of claims submitted is an equally astounding 34.1mn (34,115,4180), as per a response received to an RTI application. (
Read: Sahara CRCS Refund Portal Registers Claims of Over Rs82,695 Crore, but Pays Only Rs228.77 Crore, Reveals RTI ).
On 31 August 2012, the Supreme Court handed a historic verdict asking SIRECL and SHICL to refund ₹19,400.87 crore and ₹6,380.50 crore, respectively, to investors as the funds were illegally raised through quasi-debentures without regulatory clearance.
These two Sahara group companies collected ₹25,781.37 crore from around 30.7mn (million) investors through red herring prospectuses (RHP) on optionally fully convertible debentures dated 13 March 2008 and 16 October 2009 of SIRECL and SHICL, respectively.
Following various orders passed by the Supreme Court and the attachment orders from the market regulator, the Sahara group companies deposited an aggregate amount of ₹15,775.50 crore with SEBI as of 31 March 2024.
