On March 21, 2024, the Election Commission released a dataset of electoral bonds, including their numbers, to help match purchasers with the political parties receiving the funds. The State Bank of India (SBI) was the only bank authorized to sell and redeem electoral bonds, which were issued starting from March 2018 until the scheme was declared null and void by the Supreme Court in February 2024.
- Megha Engineering & Infrastructures made the largest donation of approximately ₹600 crore to the ruling Bharatiya Janata Party (BJP) through electoral bonds, followed by other significant donors like Quik Supply Chain Management Ltd, the Vedanta Group, and the Bharti Group.
- The Vedanta Group was the largest donor to the Congress, contributing ₹125 crore, followed by other contributors like the Western UP Power Transmission Co, MKJ Enterprises, and the Yashoda Hospital Group.
- The BJP emerged as the biggest beneficiary of the electoral bond scheme, receiving ₹6,061 crore since April 2019, followed by the Trinamool Congress and the Congress.
- Future Gaming Group was the largest purchaser of electoral bonds, followed by Megha Engineering, and various political parties benefited from these bonds.
- Notable donors included Lakshmi Niwas Mittal, Rahul Bhatia, Kiran Mazumdar-Shaw, and Rajesh Agarwal.
Q: Which bank was authorized to sell and redeem electoral bonds?
a) HDFC Bank
b) ICICI Bank
c) State Bank of India (SBI)
d) Axis Bank
Ans : c) State Bank of India (SBI)
