SBI submits electoral bonds details to Election Commission

According to sources, the SBI has complied with the orders of the apex court and submitted the details of the electoral bonds to the Election Commission.

The SBI has issued Electoral Bonds worth ₹16,518 crore in 30 tranches since the inception of the scheme in 2018.

Electoral bonds’ biggest beneficiary: BJP got 55% of all ‘audited’ funds

The scrapping and the order

The Supreme Court, however, in a landmark verdict on 15 February scrapped the Centre’s electoral bonds scheme that allowed anonymous political funding, calling it “unconstitutional”, and ordered disclosure by the EC of donors, the amount donated by them and recipients.

The SBI had sought time till 30 June for disclosure of the details. Its plea, however, was rejected by the apex court, and it asked the bank to submit all details to the Election Commission by the close of working hours on Tuesday.

Electoral bonds were introduced as a substitute for cash donations made to political parties with the aim of enhancing transparency in political funding.

The first sale of electoral bonds took place in March 2018.

Electoral bonds were to be redeemed exclusively by an eligible political party through an authorised bank account, and the SBI is the sole authorised bank for issuing these bonds.

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