SBI’s Handling of Electoral Bonds Deemed “Completely Unlawful” by Former Finance Secretary Subhash Garg

In a recent turn of events, the State Bank of India (SBI) has come under scrutiny for its handling of electoral bonds, with former Finance Secretary Subhash Garg labeling the bank’s recording of a unique number on these bonds as “completely unlawful.” This revelation has sparked a fresh debate surrounding the transparency and legality of electoral funding in India, raising concerns about the sanctity of the democratic process.

Electoral bonds were introduced in India in 2018 as a means of providing a transparent mechanism for political donations. However, critics argue that the system lacks transparency and accountability, allowing for potential misuse and undermining the integrity of the electoral process.

Subhash Garg, who served as the Finance Secretary at the time of the introduction of electoral bonds, has been vocal in his criticism of the scheme. He recently highlighted the irregularities surrounding the unique identification numbers assigned to electoral bonds by the SBI, asserting that such practices are in violation of the law.

According to Garg, the unique identification numbers on electoral bonds compromise the anonymity of donors, defeating the purpose of introducing the bonds as a means of promoting transparency in political funding. He contends that the presence of these numbers enables the tracking of donors, thereby exposing them to potential reprisals and intimidation.

Garg’s allegations have reignited the debate over the efficacy of electoral bonds and the need for comprehensive reforms in political funding. Critics argue that the lack of transparency surrounding electoral bonds undermines the democratic principles of accountability and fairness, allowing for the influence of undisclosed corporate interests in the political process.

The controversy surrounding electoral bonds has also drawn attention to the role of financial institutions, particularly the SBI, in facilitating political donations. As the sole authorized bank for the sale and redemption of electoral bonds, the SBI plays a crucial role in administering the system. However, questions have been raised about the bank’s compliance with legal and ethical standards in its handling of electoral bonds.

The revelations made by Subhash Garg have prompted calls for a thorough investigation into the functioning of electoral bonds and the role of the SBI in administering them. Advocates for electoral reform argue that greater transparency and oversight are needed to restore public trust in the political process and safeguard the integrity of elections.

In response to the allegations, the SBI has defended its handling of electoral bonds, maintaining that it has adhered to all relevant laws and regulations. However, the controversy surrounding electoral bonds continues to escalate, with opposition parties and civil society groups demanding greater transparency and accountability in political funding.

The ongoing debate over electoral bonds underscores the need for comprehensive reforms to ensure the integrity and fairness of the electoral process in India. As the world’s largest democracy, India must uphold the principles of transparency, accountability, and fairness in its political system to safeguard the rights and interests of its citizens.

In conclusion, the controversy surrounding SBI’s handling of electoral bonds, as highlighted by former Finance Secretary Subhash Garg, raises serious concerns about the transparency and legality of political funding in India. The revelations underscore the need for comprehensive reforms to promote accountability and fairness in the electoral process and restore public trust in democratic institutions.