SBI provides electoral bond details to election commission: Affidavit to SC

The State Bank of India (SBI) on Thursday informed the Supreme Court that it has furnished all pertinent details regarding electoral bonds to the Election Commission.

According to a compliance affidavit submitted to the apex court, SBI Chairman Dinesh Kumar Khara stated that the bank has divulged comprehensive information regarding the electoral bonds it holds.

Khara said certain specifics, such as complete bank account numbers and KYC details, have been withheld to safeguard against potential cybersecurity threats.

Khara stressed that revealing such sensitive details could compromise the security of the accounts, thereby necessitating caution in their disclosure. 

However, he clarified that the omitted information, including the identity of purchasers and their KYC details, is not essential for identifying the political parties involved in the electoral bond transactions.

The affidavit further underlined that SBI has provided the Election Commission with all relevant details pertaining to electoral bonds currently in its possession and custody as of March 21, 2024. 

It reiterated the bank's commitment to full compliance with the directives issued by the Supreme Court in its judgment dated February 15, 2024, and subsequent orders.

Notably, the apex court had instructed SBI to cease its selective approach and ensure complete disclosure of all aspects related to the electoral bonds scheme by March 21. The directive stemmed from the court's landmark verdict on February 15, which declared the electoral bonds scheme unconstitutional and mandated disclosure of donor details, donation amounts, and recipient parties by March 13.

In light of the court's ruling, SBI was directed to furnish details of electoral bonds purchased since April 12, 2019, until the present date to the Election Commission, with the aim of fostering transparency in political funding.

(With PTI inputs)