SBI received ₹10.68 crore in 'commission' for sale, redemption of electoral bonds: Report
₹10.68 crore from the Ministry of Finance for sale and redemption of the electoral bonds, a report said on Friday. According to a report by The Indian Express, based on a Right to Information (RTI) application, the bank raised vouchers for commission for its bank charges and transaction fees, along with 18 per cent goods and services tax (GST), for the electoral bonds. The electoral bonds were sold and redeemed in 30 phases before they were declared unconstitutional by the Supreme Court.
Between 2018 and 2024, commission and fees were charged by SBI in all of the phases. Moreover, the bank sent continual reminders to the ministry for the payment of the dues. The IE report also said that the highest amount of "commission" was taken during the ninth phase of electoral bonds.
It took place just before the 2019 Lok Sabha elections and a total of 4,607 bonds were sold during the phase. The SBI had charged ₹1.25 crore as commission. The lowest payment of ₹1.82 lakh was charged during the fourth phase when 82 electoral bonds were redeemed.
The SBI also reportedly listed the value of unredeemed bonds for each phase, which were sent to the Prime Minister's Relief Fund (PMRF). Moreover, it also flagged "erroneous printing" of bonds to the Finance Ministry. It pointed out that in March 2021, one of the branches had received 94 electoral bonds with serial number printed over the hidden seal number and visible with naked eye.
The serial number was supposed to be visible only under the ultra-violet light. Ahead of the 2019 Lok Sabha elections, according to the report, SBI also told the Centre that it expected demand for electoral bonds to increase. It added that the "existing stock of EBs (electoral bonds) will need to be
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