The State Bank of India (SBI) has adhered to the directives of the Supreme Court by furnishing comprehensive details of electoral bonds to the Election Commission of India. This compliance comes in the wake of a court order mandating the disclosure of crucial information pertaining to electoral bonds, marking a pivotal moment in India's electoral transparency landscape.

Chairman of the State Bank, Dinesh Kumar Khara, affirmed the bank's adherence to the court's instructions, stating, "On March 21, 2024, the State Bank of India has provided/disclosed all details of the electoral bonds which are in its possession and custody to the Election Commission of India."

This disclosure encompasses essential data such as the purchaser's name, bond denomination, unique number, as well as the party that encashed it. Moreover, the last four digits of the bank account numbers of political parties redeeming the bonds have also been made available.

However, the bank has exercised discretion in withholding complete bank account numbers and KYC (Know Your Customer) details of both political parties and purchasers, citing concerns regarding cybersecurity and the security of account holders. Khara clarified, "Complete bank account numbers and KYC details of the political parties have not been made public as it may compromise the security of the account (cybersecurity). Similarly, KYC details of purchasers are also not being made public for security reasons."

The decision to withhold complete bank account numbers and KYC details underscores the bank's commitment to protecting the privacy and security of its customers while complying with legal obligations.

It's noteworthy that this disclosure comes in response to the Supreme Court's reproach of SBI for purportedly being 'selective' in its disclosure of electoral bond details. The court, in its landmark verdict on February 15, 2024, had declared the government's electoral bonds scheme unconstitutional, primarily due to concerns regarding anonymous political financing. Subsequently, the Election Commission was tasked with revealing all details concerning electoral bonds, including donors, amounts donated, and recipients, by March 13.