Electoral bonds: What SBI told EC, what it didn't

The State Bank of India told the Supreme Court on Thursday it has provided the Election Commission all details of electoral bonds, including the unique bond number that would reveal the link between the purchaser and the recipient political party.

In a compliance affidavit filed ahead of the 5 pm deadline set by the apex court, the SBI chairman said the complete bank account numbers and KYC details of the political parties which redeemed the bonds have not been made public as it may compromise the security of these accounts.

The SBI also said KYC details of purchasers have also not being made public for security reasons.

It said complete bank account numbers and KYC details were not necessary for 'identifying the political parties'.

The affidavit said the SBI has revealed information which will show the name of the purchaser of the bond, its denomination and specific number, the name of the party that encashed it, the last four digits of the bank account number of political parties that redeemed the bond and the denomination and unique number of the bond encashed.

In a third tongue-lashing to the SBI, the apex court had on March 18 told it to stop being 'selective' and make 'complete disclosure' of all details related to the electoral bonds scheme by March 21.

A five-judge constitution bench headed by Chief Justice D Y Chandrachud had said the details to be disclosed include the unique bond numbers that would reveal the link between the buyers and the recipient political parties.

In the compliance affidavit, the SBI said it has provided all details of the electoral bonds which were in its possession to the EC.

'The complete bank account numbers and KYC details of the political parties are not being made public as it may compromise the security of the account (cyber security),' it said.

'Similarly, KYC details of purchasers are also not being made public for security reasons, apart from the fact that such information is not fed/collated in the system. However, they are not necessary for identifying the political parties,' the affidavit filed by bank chairperson Dinesh Kumar Khara said.

It said in the details disclosed regarding purchasers and redemption by political parties, 'the prefix and the bonds number is in fact the alphanumeric number'.

'It is respectfully submitted that SBI has now disclosed all details and that no details (other than complete account numbers & KYC details) have been withheld from disclosure in terms of the directions contained in the judgment dated February 15, 2024 read with order dated March 18, 2024 passed by this court,' the affidavit said.

On March 18, the apex court had said there was 'no manner of doubt that the SBI is required to make complete disclosure of all the details' which are in its possession.

It had said the EC shall upload the details forthwith on receipt of the communication by SBI.

In a landmark verdict delivered on February 15, a five-judge constitution bench had scrapped the Centre's controversial electoral bonds scheme that allowed anonymous political funding, calling it 'unconstitutional', and ordered disclosure by the EC of the donors, amount donated by them and the recipients by March 13.

Ordering the closure of the scheme, the top court directed the SBI, the authorised financial institution under the scheme, to submit by March 6 the details of the electoral bonds purchased since April 12, 2019 till date to the Election Commission.

On March 11, the apex court had trashed SBI's plea seeking an extension of time and ordered it to disclose the details of electoral bonds to the EC by close of business hours on March 12.

The apex court had on March 15 admonished the SBI for furnishing incomplete information and said the bank was required to provide the number unique to each electoral bond that would disclose the link between the buyer and the recipient political party.