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Business News/ Money / Personal Finance/  How to check for the refund amount claimed on the Sahara refund portal?

How to check for the refund amount claimed on the Sahara refund portal?

On August 4, Amit Shah, disbursed the initial refund installment of Rs 10,000 to 112 depositors who had submitted their requests via the CRCS-Sahara Refund Portal. Individuals anticipating the refund amount are advised to verify their balances to ascertain the successful receipt of the refund.

Depositors may check if they have received the Sahara refund amount in their bank accounts. (REUTERS)Premium
Depositors may check if they have received the Sahara refund amount in their bank accounts. (REUTERS)

Three weeks after launching the Sahara Refund Portal, Union Minister for Cooperation Amit Shah transferred the first installment of a refund of Rs 10,000 to 112 depositors who had requested it through the CRCS-Sahara Refund Portal on August 4, 2023.

The refund portal was launched on July 11, 2023, by the Central Government to help depositors of the Sahara Group of Cooperative Societies claim their refunds. The portal allows eligible depositors to apply for refunds online and track the status of their applications.

The first installment of the refund was transferred to the bank accounts of the 112 depositors on August 4, 2023. The remaining refunds will be transferred in installments as the applications are processed.

The launch of the Sahara Refund Portal is a significant step in the process of providing relief to the depositors of the Sahara Group. The portal has made it easier for depositors to claim their refunds and has helped to speed up the process.

The government has said that it is committed to providing full refunds to all eligible depositors of the Sahara Group. The launch of the Sahara Refund Portal is a step in the right direction and is a welcome relief to the depositors.

Just three weeks after unveiling the Sahara Refund Portal, Amit Shah, the Union Minister for Cooperation, took action by disbursing the initial installment of Rs 10,000 to 112 depositors who had utilized the CRCS-Sahara Refund Portal for their refund requests on August 4, 2023.

Launched on July 11, 2023, by the Central Government, the refund portal serves as a valuable resource for depositors affiliated with the Sahara Group of Cooperative Societies, facilitating the retrieval of their refunds. The portal streamlines the refund claim process by enabling eligible depositors to apply online and monitor the progress of their applications.

On August 4, 2023, the premier disbursement of refunds, amounting to the first installment, was seamlessly transferred to the bank accounts of the aforementioned 112 depositors. Subsequent installments of refunds will be disbursed progressively as applications are systematically processed.

The introduction of the Sahara Refund Portal constitutes a noteworthy stride toward alleviating the concerns of Sahara Group depositors. The portal has notably simplified the refund claim process, expediting proceedings significantly.

How to check the success of the claim submission for a refund?

Upon the successful submission of a claim on the Sahara Refund Portal, a depositor will be furnished with an exclusive acknowledgement number via the portal. Additionally, a confirmation SMS will be dispatched to their registered mobile number. The acknowledgement number assumes the role of a distinctive identifier, integral for monitoring the progress of the claim. The confirmation SMS will encompass the acknowledgement number, the precise date and time of submission, as well as the refund amount.

How do you know if you have received the refund amount?

The depositor will receive updates regarding the refund status through SMS or email. In the event of an approved refund, the depositor will be informed via SMS or email that the refund has been successfully transferred to their bank account. Conversely, if the refund is not sanctioned, an SMS or email will elucidate the grounds for the rejection.

Further details include:

  • The depositor can anticipate receiving the notification within a span of 45 days subsequent to filing the claim.
  • The notification content will encompass details such as the refund amount, bank account number, and the date of the transaction.
  • To gain real-time insight into the refund status, the depositor holds the option to access the Sahara Refund Portal and log in.

As per a communication disseminated by the Press Information Bureau (PIB) on July 18, 2023, the inaugural installment, extending up to Rs 10,000, is poised to be transferred via the Sahara Refund Portal to one crore investors who have deposited a sum of Rs 10,000 or more. The PIB underscored the availability of comprehensive data pertaining to all four Sahara societies, accessible for application through the online portal.

The press release also delineated the phased nature of the refund procedure, with the foremost installment allocated to investors who have committed the maximum deposit of Rs 10,000. Subsequent installments will be dispensed to investors who have placed lower sums.

This announcement by the PIB signifies a propitious development for Sahara depositors, serving as a testament that the refund process is indeed in motion. Furthermore, the press release offers lucidity regarding the quantum of the initial installment and the prerequisites for eligibility to secure the refund.

How does one get the refund amount in the bank account?

To initiate a refund claim request on the Sahara portal, depositors must have their mobile number and bank account linked to their Aadhaar number. If a depositor's bank account is not connected to their Aadhaar number, they will not have the ability to initiate a claim request.

Aadhaar seeding serves as a crucial security protocol aimed at ensuring the accurate disbursement of refunds to the rightful depositors. By affiliating their mobile number and bank account with their Aadhaar number, depositors furnish supplementary verification of their identity. This proactive step aids in thwarting fraudulent activities and safeguards against any potential misappropriation of refunds.

The Sahara Refund Portal's official website underlines the significance of Aadhaar seeding in facilitating secure and accurate fund transfers to genuine depositors' bank accounts. The uniqueness of the Aadhaar number as an identifier empowers verification of the depositor's identity. The linkage of the bank account to the Aadhaar number establishes an added layer of security, reinforcing the protection of depositors' refunds.

The significance of the acknowledgement number and confirmation SMS lies in their capacity to facilitate claim tracking and address any potential concerns that may emerge. It is imperative for the depositor to securely retain these numbers for future reference and usage.

The government stands resolute in its commitment to ensure complete refunds for all eligible Sahara Group depositors. The introduction of the Sahara Refund Portal is an affirmative step toward this objective, bringing welcome relief to depositors and marking a positive progression.


These are the rules governing refund of money to depositors in case of bankruptcy of banks. 
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These are the rules governing refund of money to depositors in case of bankruptcy of banks. 

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Published: 09 Aug 2023, 11:23 AM IST
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