Ahead Of Elections, SBI Sells Rs 1,148 Crore In Bonds; Most Sold In Hyderabad

Ahead of the Assembly elections in five states, the State Bank of India sold electoral bonds amounting to Rs 1,148.38 crore in October. The largest portion of them sold at the Hyderabad branch, accounting for 33 per cent of the total sales, as per a Right to Information response.

In the latest round of sale of the electoral bonds, Rs 1,148.38 crore worth of funding instrument were purchased. In a total of 28 phases of bond sales since its launch in 2018, the sales have amounted to Rs 14,940.27 crore.

The remaining uncashed bonds, valued at approximately Rs 23.88 crore, have been transferred to the Prime Minister's National Relief Fund, according to a report in Deccan Herald.

During the earlier bond sale in July, bonds valued at Rs 812.80 crore were sold. Earlier in April of the same year, bonds amounting to Rs 970.50 crore were sold.

As per details obtained through a Right to Information (RTI) request by transparency activist Commodore Lokesh Batra (retired) in the most recent sale, the SBI sold 2,012 bonds. Among these, 1,095 bonds were of Rs 1 crore denomination.

Additionally, the sales included 302 bonds valued at Rs 1 lakh each, 503 bonds at Rs 10 lakh each, 55 bonds at Rs 10,000 each, and 57 bonds at Rs 1,000 each. All bonds, except for the Rs 5,000 denomination, have been redeemed by the parties.

In July, the Hyderabad branch registered the most significant sales of bonds amounting to Rs 377.63 crore, followed by Kolkata with Rs 225.28 crore and Mumbai with Rs 177.90 crore. The Bengaluru branch sold bonds worth Rs 34.38 crore.

Whereas the Delhi branch has taken the top place in the list for encashing bonds (Rs 800.86 crore). It was followed by Kolkata branch (Rs 171.28 crore).

The SBI has said in its reply to Batra that 25 political parties to encash electoral bonds.