The State Bank of India (SBI) took a significant step in the electoral bonds case by submitting a compliance affidavit on Wednesday, following its directive to provide all electoral bond details to the Election Commission, as mandated by the Supreme Court. In the affidavit, the SBI divulged comprehensive information regarding the purchase and redemption of electoral bonds up to February 15, 2024.As per the data furnished by the SBI, a total of 3,346 electoral bonds were procured between April 1, 2019, and April 11 of the same year. Among these, 1,609 bonds were subsequently redeemed, as per the disclosed statistics. Furthermore, between April 12, 2019, and February 15, 2024, a significant increase was noted, with 18,871 electoral bonds purchased and 20,421 bonds redeemed.The electoral bond data was meticulously compiled and provided to the Election Commission in a secure format, stored in a pen drive containing two password-protected PDF files. To ensure confidentiality, the passwords were conveyed separately in a sealed envelope.The submission of electoral bond details to the Election Commission followed the Supreme Courts dismissal of SBIs plea seeking an extension until June 30. During the court proceedings, the bench, led by Chief Justice DY Chandrachud, questioned SBIs actions over the preceding 26 days, emphasizing the need for proactive measures to fulfill the courts directives.In its landmark ruling a month earlier, the Supreme Court invalidated electoral bonds, deeming them unconstitutional and a violation of the right to information under Article 19(1)(a). Introduced by the Centre on January 2, 2018, the electoral bonds scheme aimed to introduce transparency in political funding by providing an alternative to cash donations to political parties. The inaugural sale of electoral bonds commenced in March 2018, with eligible political parties permitted to encash them solely through authorised bank accounts.
