Electoral Bonds: The Supreme Court of India has issued a prompt prohibition on electoral bonds, which function as undisclosed contributions to political parties. Furthermore, the Court has instructed the State Bank of India to furnish comprehensive information regarding donations made to political parties via these bonds.
The primary beneficiary of the electoral bonds system is purportedly the BJP, which reportedly cashed in bonds totaling 6060.50 crore rupees. The Congress party received 1421 crore rupees.
The BRS ranks as the fourth most significant beneficiary of this highly contentious donation program, having received Rs 1,214 crore in electoral bonds.
The YSR Congress amassed Rs 337 crores, while its counterpart, the Telugu Desam Party, secured Rs 218 crores. The Janasena Party received a comparatively smaller sum of Rs 21 crores.
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State Bank of India failed to provide data for the period spanning March 2018 to March 2019, citing missing records. During this time, bonds worth Rs 2500 crores were reportedly sold. The absence of this crucial information raises concerns about transparency and accountability within the financial institution. Authorities should investigate the circumstances surrounding the missing data to ensure regulatory compliance and maintain investor trust. This incident underscores the importance of robust data management practices in the banking sector.
Between April 1st, 2019, and February 15th, 2024, a cumulative sum of 22,217 bonds were acquired.