Full formGovernment & Exams
EBAstands forElection Bond Account
Full Form of EBA
What is EBA?
An Election Bond Account (EBA) is a specialized bank account introduced by the Government of India under the Electoral Bond Scheme, 2018. It is opened exclusively with the State Bank of India (SBI) to facilitate the purchase and encashment of electoral bonds. These bonds are a mode of funding for registered political parties, aiming to bring transparency and accountability to political donations. The account is used by political parties to receive anonymous contributions through bonds, which can be redeemed only through the designated account. The identity of the donor remains confidential, but the total amount received is disclosed by the bank to the Election Commission annually. In India, the EBA system was launched as part of electoral reforms to reduce the influence of cash donations and curtail black money in politics. The accounts are strictly regulated under the guidelines of the Reserve Bank of India and the Election Commission. For candidates preparing for UPSC, State PCS, and banking exams, understanding the EBA mechanism is crucial as it frequently appears in questions related to electoral reforms, transparency in political funding, and the functioning of the State Bank of India. The scheme has faced both support and criticism from various quarters, but remains a significant component of India's electoral finance system.
EBA का फुल फॉर्म
चुनाव बांड खाता
Example
The Bharatiya Janata Party opened an Election Bond Account (EBA) at the State Bank of India to seamlessly process donations received through electoral bonds during the general elections.
EBA — frequently asked questions
What is the full form of EBA?
EBA stands for Election Bond Account, a designated bank account used under the Electoral Bond Scheme in India for political funding.
Which banks can open an Election Bond Account?
Only the State Bank of India (SBI) is authorized to open and operate Election Bond Accounts for the issuance and encashment of electoral bonds.
What is the purpose of an Election Bond Account?
The purpose is to enable anonymous donations to political parties while maintaining transparency through bank records, reducing the use of cash in electoral funding.