The SBI (State Bank of India) has filed a compliance affidavit Today (March 13th) with the Supreme Court regarding electoral bonds, disclosing that out of 22,217 bonds purchased, 22,030 have been redeemed.
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NEW DELHI: The State Bank of India (SBI) Today submitted a compliance affidavit to the Supreme Court regarding the electoral bonds scheme, detailing its adherence to the court’s directives. According to the affidavit, signed by SBI’s Chief Managing Director Dinesh Khara, a total of 22,217 electoral bonds were purchased between April 1, 2019, and February 15, 2024. Out of these, 22,030 were redeemed by political parties.
The bank disclosed that any electoral bonds not cashed within the stipulated 15-day validity period were redirected to the Prime Minister’s relief funds. The affidavit elaborates on the meticulous records maintained by the bank, stating,
“SBI said it has ‘ready records in which the date of purchase, denomination, and name of the buyer were recorded, and [in relation to the political parties] the date of encashment and the denominations of the bonds encashed were recorded.'”
Furthermore, the bank assured its compliance with the Supreme Court’s instructions, noting,
“In respectful compliance with the aforesaid directions, before the close of business hours on March 12, 2024, a record of this information was made available to the Election Commission of India (ECI) by hand delivering in digital form (password protected).”
The affidavit also detailed the information provided to the ECI, including-
“The date of purchase of each Electoral Bond, the name of the purchaser, and the denomination of the Electoral Bond purchased. The date of encashment of the Electoral Bonds, the name of political parties who have received the contributions, and the denomination of the said bonds has also been furnished.”
It has been reported that the SBI has followed through with the Supreme Court’s orders, delivering the required details of the electoral bonds to the Election Commission. Since the scheme’s inception in 2018, the SBI has issued electoral bonds amounting to Rs 16,518 crore across 30 tranches.
However, the Supreme Court, in a significant ruling on February 15, declared the Centre’s electoral bonds scheme, which permitted anonymous political donations, to be “unconstitutional.” The court mandated that the Election Commission disclose the identities of the donors, the amounts donated, and the recipients of these funds.
Despite SBI’s request for an extension until June 30 to disclose these details, the Supreme Court denied this plea, insisting that the bank provide all necessary information to the Election Commission by the end of the working day on Tuesday. This decision marks a pivotal moment in the ongoing debate over transparency and accountability in political funding in India.
Click Here to Read Previous Reports of Electoral Bonds
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