Government Raises Refund Cap for Sahara Group Depositors to Rs 50,000

The government has increased the refund cap for small Sahara Group depositors to Rs 50,000 from Rs 10,000. Over Rs 370 crore has been disbursed to over 4.29 lakh depositors. With the new limit, approximately Rs 1,000 crore will be refunded in the next 10 days through the CRCS-Sahara refund portal.

The government has increased the refund cap for small depositors of the Sahara Group Cooperative Societies to Rs 50,000, up from the previous limit of Rs 10,000, according to a senior official from the cooperation ministry.

So far, the government has disbursed Rs 370 crore to over 4.29 lakh depositors via the CRCS-Sahara refund portal. With the raised limit, an additional payment of around Rs 1,000 crore is expected to be made in the next 10 days.

This move follows a Supreme Court order, with the CRCS-Sahara refund portal launched on July 18, 2023, for genuine depositors of Sahara Group's multi-state cooperative societies. Justice R Subhash Reddy oversees the digital disbursement process.

(With inputs from agencies.)