Ahead of elections, SBI sold Rs 1,148 cr in bonds

In the lead-up to the Assembly elections in five states in November, the State Bank of India (SBI) sold a total of Rs 1,148.38 crore in electoral bonds in October. The Hyderabad branch recorded the highest sales, accounting for 33% of the total.

However, when it came to encashing the bonds, political parties redeemed only Rs 83.63 crore (7%) in Hyderabad. The New Delhi branch, where national parties are expected to have their accounts, saw the overwhelming majority of all EBs encashed (Rs 800 crore or 70%).

The top five branches for encashing the bonds were New Delhi, Kolkata, Hyderabad, Mumbai, and Patna.

The largest denomination of Rs 1 crore remained the most popular, with SBI selling 1,095 bonds of this denomination in October.