The State Bank of India has submitted electoral bonds data to the Supreme Court, complying with its directives. According to the affidavit filed by the bank’s Chief Managing Director, Dinesh Khara, a total of 22,217 bonds were purchased between April 1, 2019, and February 15, 2024, with 22,030 bonds redeemed.

The bank clarified that unencashed bonds beyond the 15-day validity period were transferred to the Prime Minister’s relief funds. Records of purchase dates, denominations, and buyer names were meticulously maintained, alongside details of encashment by political parties.

SBI confirmed the delivery of this information, including purchaser details and bond encashment records, to the Election Commission of India in compliance with the court’s directives. The bank has issued electoral bonds amounting to Rs 16,518 crore across 30 tranches since the scheme’s inception in 2018.

Despite its plea for an extension until June 30, the Supreme Court rejected SBI’s request, mandating submission to the Election Commission by the close of business on March 12. The court’s landmark verdict on February 15 deemed the electoral bonds scheme unconstitutional, demanding disclosure of donors, amounts, and recipients.

This development signifies a crucial step towards transparency in political funding, as mandated by the apex court. The move towards openness and accountability in electoral financing marks a significant shift in India’s political landscape.

The decision underscores the judiciary’s commitment to upholding democratic principles and ensuring fair electoral practices. It sets a precedent for greater scrutiny and oversight in the realm of political finance, enhancing the integrity of democratic processes.

With electoral transparency gaining momentum, stakeholders anticipate a more level playing field in future elections. The dissemination of electoral bond data serves as a milestone in the journey towards fostering greater trust and confidence in India’s electoral system.

As the nation braces for the upcoming elections, the disclosure of electoral bond details sets the stage for informed decision-making and enhanced public participation. The move aligns with global efforts to combat corruption and promote transparency in political financing.

By : Kruthiga V S

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