In response to a Right to Information (RTI) query filed by transparency activist Commodore Lokesh Batra, the State Bank of India (SBI) disclosed that electoral bonds worth Rs 15,956.30 crore have been sold in 29 tranches since the initiation of the scheme in 2018. Out of the total, 27,133 bonds, accounting for 55.9% of the value, have been sold.
The SBI, being the sole authorized bank for issuing and encashing electoral bonds, stated that 194 bonds worth Rs 23.8874 crore were not encashed and were subsequently transferred to the Prime Minister’s National Relief Fund (PMNRF). Additionally, the bank reported that 1,109 bonds issued in the 29th tranche between November 6 and November 20 were successfully encashed.
Electoral bonds, introduced as a funding instrument to bring transparency to political funding, allow donations to political parties while masking the identity of donors. The controversial instrument has been the subject of scrutiny, with questions raised about its effectiveness in achieving transparency.
The BJP reportedly received 57% of the total Rs 9,200 crore in electoral bond funds, while the Congress received 10%, according to a Bloomberg report. The details provided in the RTI reply shed light on the magnitude and dynamics of electoral bond transactions in India.
