SBI’s main branch in Kolkata issued bonds worth Rs 200 crore, while the bank’s Chennai branch sold bonds for Rs 195 crore. SBI’s Hyderabad office followed suit, selling bonds for Rs 140 crore. Political Parties get donations from donors even when there are no elections. According to State Bank of India records, they got electoral bonds worth Rs 614.33 crore from donors in October (SBI).
While the SBI’s main branch in Kolkata issued bonds for Rs 200 crore, the bank’s Chennai branch sold bonds worth Rs 195 crore. Following that, SBI’s Hyderabad branch sold bonds for Rs 140 crore. Political parties collected Rs 150 crore in the previous sale, which took place in July of this year. SBI, the only bank authorized to offer these bonds, stated in response to an RTI application filed by Commodore Lokesh K Batra that Rs 593 crore bonds had a face value of Rs 1 crore each and Rs 18.90 crore bonds had a face value of Rs 10 lakh apiece (Retd).
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The bond sale’s 18th phase, according to SBI, took place between October 1 and 10. Political parties have received a total of Rs 7,994 crore from contributors, primarily business entities and industrialists, in 18 phases for “election funding.” As of now, there have been 6,812 bonds issued with a face value of Rs one crore.
When the election process in four states and one Union Territory was in full swing in April 2021, the SBI offered bonds worth Rs 695.34 crore to party donors. The Supreme Court refused to halt the issuance of electoral bonds ahead of the recent assembly elections in response to a PIL brought by an NGO concerning party funding and citing a lack of transparency.
Donors purchase electoral bonds anonymously, and they are valid for 15 days from the date of issue. A debt instrument can be purchased from a bank by donors and then cashed by the political party. These can only be redeemed by an eligible party by depositing them in its approved bank account.
