SHOCKING: State Bank of India REFUSES to Reveal Secrets! What are They Hiding about Electoral Bonds?

The State Bank of India (SBI) has chosen not to disclose its standard operating procedure (SOP) regarding the sale and redemption of electoral bonds, citing confidentiality concerns. This decision follows a Right to Information (RTI) petition filed by transparency activist Anjali Bhardwaj. M Kanna Babu, the central public information officer and deputy general manager of SBI, explained that the SOPs are considered internal guidelines and are exempt from disclosure under section 8(1)(d) of the Right to Information Act, which safeguards information related to commercial confidence.

In February, the Supreme Court deemed the electoral bonds scheme unconstitutional and instructed the Election Commission of India (ECI) to disclose information regarding donors, donation amounts, and recipients by March 13. Additionally, SBI was directed to provide details about each electoral bond transaction made by political parties.

Despite these directives, SBI has declined to share its SOP, prompting criticism from Bhardwaj, who expressed surprise at the bank’s reluctance to share essential information despite the court’s orders.

The electoral bond scheme, introduced to enable individuals and domestic companies to anonymously donate bonds to political parties in various denominations, has faced scrutiny due to its lack of transparency. Data shows that a significant number of electoral bonds were redeemed since the scheme’s initiation, with substantial amounts being redeemed by several political parties, including the BJP, Congress, Trinamool Congress, and BRS.

This development underscores ongoing concerns about transparency and accountability in political financing in India, particularly concerning the electoral bonds system.

Q: Why is the State Bank of India refusing to disclose information about electoral bonds?

A: The State Bank of India has cited confidentiality concerns for not disclosing its standard operating procedure (SOP) regarding the sale and redemption of electoral bonds. They argue that the SOPs are internal guidelines protected under the Right to Information Act.

Q: What prompted this refusal?

A: Transparency activist Anjali Bhardwaj filed a Right to Information (RTI) petition seeking information about the SOPs laid down by the bank for the electoral bonds scheme. The bank’s decision came in response to this petition.

Q: What is the electoral bonds scheme?

A: The electoral bonds scheme was introduced to allow individuals and domestic companies to anonymously donate bonds to political parties in various denominations. These bonds needed to be redeemed within a specific time frame by the political parties.

Q: Why is there controversy surrounding electoral bonds?

A: There are concerns about the lack of transparency and accountability in political financing through electoral bonds. Critics argue that anonymity in donations could lead to potential misuse and influence-peddling.

Q: What action has been taken by the Supreme Court regarding electoral bonds?

A: In February, the Supreme Court declared the electoral bonds scheme unconstitutional and ordered the disclosure of information about donors, donation amounts, and recipients by the Election Commission of India (ECI). Additionally, the Court directed the State Bank of India to provide details about each electoral bond transaction made by political parties.

Q: What is the significance of this controversy?

A: This controversy highlights ongoing challenges regarding transparency and accountability in political financing in India. It raises questions about the integrity of the electoral process and the role of financial transparency in ensuring fair and democratic elections.