SBI submits compliance affidavit to SC over electoral bonds

Uncashed bonds were redirected to PM's relief funds

SC had come down hard on the SBI for 'wilful disobedience'

Just days after the top court came down heavily on the State Bank of India in relation to the electoral bonds case, the SBI has submitted a compliance affidavit to the Supreme Court regarding the electoral bonds case. It was Chief Managing Director Dinesh Khara that presented the affidavit, revealing that a total of 22,217 bonds were bought between April 1, 2019, and February 15, 2024. Out of these, 22,030 electoral bonds were cashed in.

According to the bank, electoral bonds not encashed by political parties within the 15-day validity period were redirected to the Prime Minister’s relief funds. SBI affirmed that detailed records, including purchase dates, denominations, and buyer identities, were meticulously maintained. Regarding political parties, information on encashment dates and bond denominations was also documented.

In compliance with directives, SBI provided the Election Commission of India with digital records of this information on March 12, 2024, before the close of business hours. Each electoral bond purchase, purchaser’s name, and denomination were disclosed, alongside details of bond encashment and recipient political parties.