HuffPost India also revealed how SBI accepted expired bonds at the directions of the Finance Ministry. As early as April 4, 2018, when only the first tranche of electoral bonds had been sold, SBI provided detailed information about the sale and redemption of these bonds to the finance ministry. Nayak also asked for a date-wise record of transactions involving the sale of Electoral Bonds by every SBI branch allowed to sell these bonds since sales first began in March 2018. Documents reviewed by HuffPost India reveal that SBI has a special team, called the Transaction Business Unit, which operates the Electoral Bonds Scheme. Hence denied as it is exempted under section 8(1)(d) of the RTI Act.” The SBI’s position is untenable as the bank has a full monopoly over the electoral bonds scheme.

Source: Huffington Post January 29, 2020 01:52 UTC