SBI Ensures Election Commission Access to Electoral Bond Information

ByTV10 Punjab

Mar 22, 2024
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21 March
Sandeep Dhand Ludhiana

The State Bank of India (SBI) assured the Supreme Court today of its cooperation with the Election Commission, stating that it has furnished all available information regarding electoral bonds. In an affidavit submitted to the apex court, the SBI chairman affirmed the bank’s commitment to transparency while safeguarding sensitive data.

The affidavit clarified that while the SBI has provided comprehensive information regarding electoral bonds to the Election Commission, certain details such as full bank account numbers and KYC (Know Your Customer) information of political parties have not been disclosed to the public. This decision, the affidavit explained, was made with cybersecurity considerations in mind, aiming to mitigate potential risks associated with unauthorized access to sensitive financial data.

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The statement comes amidst ongoing legal scrutiny surrounding the transparency and accountability of electoral bond transactions. The SBI’s affirmation of its cooperation with the Election Commission underscores the importance of maintaining a delicate balance between electoral transparency and data security.

As the Supreme Court continues to deliberate on the matter, stakeholders await further developments regarding the regulation and disclosure requirements surrounding electoral bonds. The SBI’s commitment to upholding cybersecurity standards while facilitating electoral transparency remains pivotal in ensuring the integrity of the democratic process.