Today (27th March) The former Finance Secretary criticized the State Bank of India’s handling of electoral bonds, labeling it a breach of trust. He contends that SBI’s actions, including the recording of alphanumeric codes, compromise the anonymity intended by the electoral bonds scheme.
NEW DELHI: Today (27th March): Former Finance Secretary Subhash Garg raised concerns over the revelation of electoral bond data by the State Bank of India (SBI), suggesting that the fundamental aspect of guaranteeing anonymity between bond purchasers and the political parties they endorsed has been significantly compromised.
The former Finance Secretary said,
“The meticulously designed electoral bonds, meant to safeguard against any link between donors and political affiliations, did have an invisible alphanumeric code, not meant to be known even to the SBI itself. The alphanumeric code, visible only under ultraviolet light, was intended solely for security purposes.”
However, the SBI, going beyond its mandate, not only uncovered but meticulously recorded these codes for each bond issued and deposited, thereby compromising the anonymity link of the donors and political party they donated to,” Garg further said.
READ ALSO: BREAKING | Supreme Court Declares Electoral Bonds Scheme Unconstitutional
At first, the SBI was reluctant to accept Garg’s FIR but eventually did so, leading to scrutiny of the electoral bond scheme’s transparency and trust. The Supreme Court’s involvement in revealing data also revealed the connection between bond buyers and political parties.
Despite aiming for transparency, doubts remain about the SBI’s actions and undisclosed data from March 2018 to April 2019. Garg urges the Election Commission of India to ensure complete transparency to rebuild trust in India’s electoral financing system.
READ ALSO: Election Commission Discloses Electoral Bonds Data Following Supreme Court Directive
On February 15, the Supreme Court invalidated the electoral bonds scheme and instructed the SBI to reveal information on the denomination, date, and value of each bond by March 6. However, rather than adhering to the directive, the SBI filed a petition requesting an extension until June 30, citing the complexity of a matching procedure.
