Cooperation Minister Amit Shah on Wednesday said that ₹241 crore have been refunded to about 2.5 lakh small investors who had deposited funds in four cooperative societies linked to the Sahara group of companies. About 1.5 crore investors have registered themselves on the portal, launched by the cooperation ministry of in July 2023.

In March last year, the Supreme Court had directed transferring ₹5,000 crore from the Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS) after the Centre moved the apex court for the approval.

Refund portal

The ministry opened a separate portal -- ‘CRCS-Sahara Refund Portal’-- for submission of legitimate claims by depositors in the four cooperative societies -- Sahara Credit Cooperative Society, Saharayn Universal Multipurpose Society, Humara India Credit Cooperative Society, and Stars Multipurpose Cooperative Society. It was estimated that there might be around four crore small-time investors whose funds are struck in these cooperative societies.

After inaugurating the new office of CRCS in New Delhi, Shah said the ministry has taken several steps — 60 major initiatives in 30 months — since its inception in July 2021. Referring to the distressed investors of the four cooperative societies, Shah reminded the audience that a perception was formed that people would not get their deposit back.

The minister also lauded IFFCO for its innovative nano liquid urea and nano liquid di-ammonium phosphate (DAP) and expected the demand for these products would pick up in the coming years. He cited nano fertilisers and introduction of drone in the agriculture sector as two major transformative initiatives of the government. “The transition to Drone-spraying is like moving from bullock cart to tractor. People are flocking to see drone the way they used to come to see tractor years ago when it was introduced,” he said.

Cooperative sector

Pointing out that as the cooperative movement did not grow at the desired pace in the last 75 years, he said the “aim is to ensure the cooperative sector has a big share in the Indian economy”, which is projected to be $5 trillion by FY28.

To strengthen the cooperative movement, the government has already amended The Multi-State Co-operative Societies Act and brought model bye-laws to strengthen PACS (Primary Agricultural Credit Societies), he said. Underscoring the need to open more banks in the co-operative sector, he appealed multi-state credit societies to convert themselves into banks.

He also exuded confidence that the target to establish two lakh multipurpose PACS in the next five years will be achieved as already 12,000 new PACS have been formed since the policy was rolled out.

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