SBI Authorised To Issue And Encash Electoral Bonds Through 29 Branches

The Ministry of Finance has granted authorisation to the State Bank of India (SBI) for the issuance and encashment of electoral bonds through its 29 authorised branches.

This authorisation falls under the XXIX (29) Phase of Sale, and the activity is set to take place from 6 to 20 November, according to a press release by the Ministry of Finance.

Electoral bonds, once issued, are valid for a period of 15 calendar days. It is essential to note that no payment will be made to any payee political party if the electoral bond is deposited after the expiration of its validity period.

Eligible political parties will have electoral bonds deposited in their accounts and credited on the same day.

The Government of India introduced the Electoral Bond Scheme in 2018. The scheme has been amended and updated as per the Gazette Notification dated 7 November 2022.

According to the scheme, electoral bonds can be purchased by individuals who are either citizens of India or entities incorporated or established in India. Individuals can acquire electoral bonds either singly or jointly with other individuals.

However, only political parties registered under Section 29A of the Representation of the People Act, 1951, and which secured not less than one per cent of the votes polled in the last General election to the House of the People or the Legislative Assembly of the State, are eligible to receive electoral bonds.

These bonds can be encashed by eligible political parties solely through a bank account with an authorised bank.

A list of the 29 authorised branches of the State Bank of India for the issuance and encashment of Electoral Bonds is provided below, organised by State/Union Territory: Delhi, Haryana, Punjab, and Chandigarh, Himachal Pradesh, Jammu and Kashmir, Uttarakhand, Gujarat, Dadra & Nagar Haveli, and Daman & Diu, Madhya Pradesh, Chhattisgarh, Rajasthan, Maharashtra, Goa and Lakshadweep, Uttar Pradesh, Odisha, West Bengal, Andaman & Nicobar, Bihar, Jharkhand, Sikkim, Arunachal Pradesh, Nagaland, Assam, Manipur, Meghalaya, Mizoram, Tripura, Andhra Pradesh, Telangana, Tamil Nadu and Puducherry, Karnataka, Kerala

These authorised branches will facilitate the issuance and encashment of electoral bonds, playing a crucial role in the political funding system of India. (ANI)