Electoral Bonds case: State Bank of India excuses are laughable - Thomas Franco | SBI | Modi

Recent questions

• What is the controversy surrounding India's electoral Bond scheme?

  The controversy surrounding India's electoral Bond scheme stems from the Supreme Court's declaration of its unconstitutionality, leading to the State Bank of India (SBI) being ordered to provide related data to the election commission. However, the SBI requested additional time to process the data, delaying its release until after the 2024 general elections. This delay has raised suspicions about the bank's intentions and potential government pressure, with concerns about transparency and accountability in the scheme.

• Why did Thomas Franco criticize the State Bank of India's delay in processing electoral Bond data?

  Thomas Franco, a former General Secretary of the All-India Bank Officers Confederation, criticized the State Bank of India's delay in processing electoral Bond data because he believed that the bank's systems should be capable of immediate data processing without requiring extra time. Despite the SBI citing practical difficulties due to some bond details being in physical format and others digital, Franco argued that the system should seamlessly handle these variations without causing delays. He emphasized the importance of transparency and efficiency in the banking system, highlighting that transactions are reconciled daily, making the SBI's delay unjustifiable and potentially misleading to the Supreme Court.

• What concerns did Thomas Franco raise about government pressure on banks in India?

  Thomas Franco raised concerns about historical instances of government pressure on banks in India, indicating a pattern of interference in banking operations, including loan approvals and political donations. He mentioned that this interference could extend to the electoral Bond scheme, labeling it a scam and suggesting that public disclosure of bond recipients could impact elections, potentially leading to a cover-up. Franco criticized the State Bank of India's involvement in protecting political parties through the scheme, questioning the bank's mandate and suggesting that the chairman's actions may be influenced by personal interests or external pressures.

• How did Thomas Franco characterize the State Bank of India's actions regarding the electoral Bond scheme?

  Thomas Franco characterized the State Bank of India's actions regarding the electoral Bond scheme as constituting a historic blunder that undermines the bank's credibility and integrity. He called for immediate transparency and accountability in the scheme, expressing concerns about the SBI's compliance and potential cover-up of bond recipients. Franco's criticism focused on the delay in data processing, suspicions of government pressure, and the bank's role in protecting political parties, highlighting the need for reform and oversight in the electoral Bond system.

• What implications did Thomas Franco suggest regarding the State Bank of India's involvement in the electoral Bond scheme?

  Thomas Franco suggested significant implications regarding the State Bank of India's involvement in the electoral Bond scheme, labeling it a scam and raising concerns about transparency and accountability. He criticized the SBI's delay in processing data, highlighting suspicions of government pressure and potential cover-ups of bond recipients. Franco emphasized the need for immediate action to address the lack of integrity and credibility in the scheme, calling for reforms to prevent further interference and ensure fair and transparent elections in India.