Rajasthan Sahara Depositors Await Rs 9,700 Crore Refunds as Govt Admits Slow Process
The Central government has acknowledged in Parliament that repayments to depositors of Sahara Group's cooperative societies have been proceeding at a sluggish pace, leaving over 12 lakh depositors in Rajasthan alone waiting for refunds worth nearly Rs 9,700 crore. This revelation came in response to a query raised in the Lok Sabha, highlighting the ongoing financial distress faced by millions of small investors across the country.
National Refund Figures Reveal Vast Disparity
According to the government's written response, a staggering total of over 1.4 crore applications have been received nationwide on the CRCS–Sahara Refund Portal, with aggregate claims exceeding Rs 97,412 crore. In stark contrast, refunds disbursed so far amount to only Rs 8,429 crore, benefiting approximately 39.46 lakh depositors. This means that less than 10% of the total claimed amount has been returned to investors, underscoring the magnitude of the pending liability.
MP Raises Alarm Over Rajasthan's "Particularly Alarming" Situation
The issue was brought to light by Banswara MP Rajkumar Roat, who pointed out that the figures clearly indicate that crores of small and poor depositors are still awaiting their own money. "Announcements are being made, but the reality on the ground is that people are running from pillar to post for refunds," Roat stated emphatically. He described Rajasthan's situation as "particularly alarming", noting that only a small fraction of applicants in the state have received payments to date.
Roat emphasized the socio-economic impact, saying, "In a state like Rajasthan, where most depositors are from tribal, rural and working-class backgrounds, such delays are unacceptable." He warned that the slow pace of refunds is actively pushing families into financial distress, exacerbating hardships for vulnerable communities.
Transparency Gaps and Accountability Concerns
The MP also highlighted significant transparency gaps in the refund process. The government admitted that it does not maintain district-wise or Lok Sabha constituency-wise data on Sahara refunds, a revelation that Roat criticized sharply. "When the govt itself does not have detailed data, how will accountability be fixed? This clearly reflects a lack of seriousness in monitoring the refund process," he argued. This lack of granular data hampers effective tracking and oversight, raising questions about the administration's commitment to resolving the issue efficiently.
Legal Framework and Extended Deadline
The government informed Parliament that the refund exercise is being conducted under a Supreme Court order dated March 29, 2023. As per this directive, Rs 5,000 crore from the Sahara–Securities and Exchange Board of India Refund Account was transferred to the Central Registrar of Cooperative Societies (CRCS) to facilitate direct payments to genuine depositors of four Sahara cooperative societies. To accommodate the massive scale of pending claims, the refund deadline has been extended to December 31, 2026.
Despite this legal framework and extended timeline, the slow disbursement rate continues to be a major concern. The government's acknowledgment of the delays, coupled with the absence of detailed data, suggests that systemic challenges persist in ensuring timely refunds to the affected depositors.
The situation calls for urgent attention and more robust mechanisms to accelerate the refund process, ensuring that the financial well-being of millions of depositors, especially in states like Rajasthan, is safeguarded without further delay.
