SBI refuses to disclose SOP for sale, redemption of electoral bonds

New Delhi, April 2

The State Bank of India (SBI) has refused to disclose its standard operating procedure for the sale and redemption of the electoral bonds that were issued to its authorised branches, citing the exemption given under “commercial confidence”, according to an RTI response.

What SBI Dy GM says in RTI reply…

Standard Operating Procedures (SOPs) of Electoral Bond Scheme-2018 issued to authorised branches are internal guidelines with regard to sale and redemption of electoral bonds, which is exempted under Section 8(1)(d) of the Right to Information Act.

In an application filed under the Right to Information (RTI) Act, transparency activist Anjali Bhardwaj had sought the details of the standard operating procedure issued to the SBI’s authorised branches on the sale and redemption of the electoral bonds.

“Standard Operating Procedures (SOPs) of Electoral Bond Scheme-2018 issued to authorised branches from time to time are internal guidelines with regard to sale and redemption of electoral bonds (meant for internal circulation only), which is exempted under section 8(1)(d) of the Right to Information Act,” the response from M Kanna Babu, the central public information officer and deputy general manager of the SBI, said on March 30.

Section 8(1)(d) of the Act exempts from revelation “information including commercial confidence, trade secrets or intellectual property, the disclosure of which would harm the competitive position of a third party unless the competent authority is satisfied that larger public interest warrants the disclosure of such information.”

Meanwhile, Bhardwaj said, “It is shocking to note that even after the SC has struck down the electoral bonds scheme as unconstitutional, the SBI continues to deny important information about the operation of the electoral bonds scheme,”