The SBI had objected to the issuance of electoral bonds without a “serial number” on it, reveal RTI documents filed by the transparency activist Anjali Bhardawaj.

Taking note of the SBI's demand, the government had agreed to place a unique serial number on the electoral bonds. But the challenge before the government was that if a visible serial number is placed on the bonds like on any other promissory note, then the objective of keeping the donors of electoral bonds anonymous would have been defeated.

The donors would have started doubting the anonymity of the bonds carrying a visible serial number, because it would become easy to track the bonds’ donors and donees.

Hence, the government tactfully decided to embed a ‘hidden’ unique alphnumeric code in the bonds, which is visible only under ultra-violet light and didn’t make that fact public while notifying the electoral bonds in January 2018.

The RTI documents further reveal that the SBI demanded these serial numbers on three grounds:

“Without serial number on the electoral bonds, there will be no audit trail available for internal control and reconciliation.”

“Branch cannot identify the genuineness of the electoral bonds. Any number of forged electoral bonds can be paid if the serial number is not captured in the system.”

“In case forged electoral bonds are paid and Law Enforcement Agencies or a Competent Court ask for details in this regard…the Bank will not be able to provide any details about to whom it was issued and in which account it was encashed.”

The SBI clarified to the Department of Economic Affairs of Finance Ministry in its letter dated 19 January 2018 that it is not possible for the bank to issue electoral bonds without a serial number.