Govt authorizes SBI to issue and encash Electoral Bonds | Daily Current Affairs Dose

Govt authorizes SBI to issue and encash Electoral Bonds | Daily Current Affairs Dose

Dear Aspirants, EducationBro is here with a Daily Current Affairs Dose. In this session, we will make the candidates aware of the daily current affairs topics, which will improve their general awareness, while also taking care that the candidates should not have any shortage of trending current affairs related to any country and abroad. Today’s Current Affairs topic is Govt authorizes SBI to issue and encash Electoral Bonds.

Our Daily Current Affairs Dose 2022 will help you to crack the General Awareness section of Banking Insurance SSC Railway UPSC and all government jobs exams.

Govt authorizes SBI to issue and encash Electoral Bonds | Daily Current Affairs Dose

Govt authorizes SBI to issue and encash Electoral Bonds: The Union Government has authorised the State Bank of India for issue and encash Electoral Bonds through its 29 Authorised Branches upto 10th October 2022.

Electoral Bonds to be valid for fifteen calendar days

According to the Ministry of Finance, the Electoral Bonds shall be valid for fifteen calendar days from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after expiry of the validity period. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day.

Read Also: Union Bank of India launches end-to-end digitalization of Kisan Credit Card

Govt authorizes SBI to issue and cash Electoral Bonds

State Bank of India (SBI), in the XXII Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches (as per list enclosed) w.e.f. 01.10.2022 to 10.10.2022.

A person being an individual can buy Electoral Bonds, either singly or jointly with other individuals.

What are Electoral Bonds?

An electoral bond is a bond on which its value is written like that of a currency note. It can be used to make donations to political parties on behalf of individuals, institutions and organizations.

Electoral bonds can be bought in multiples of Rs 1000, Rs 10,000 and Rs 1 lakh.

Important facts for upcoming exams from the above Current Affairs Topic 

• Old name of State Bank of India (SBI): Imperial Bank of India
• Formation of State Bank of India (SBI): 1 July 1955
• Headquarters of State Bank of India (SBI): Mumbai, Maharashtra, India
• Chairman of State Bank of India (SBI): Dinesh Kumar Khara
• Number of employees in State Bank of India (SBI): 245,642 (March 2021)