The authorized bank to issue and encash Electoral Bonds through its 29 Authorized Branches from 1-10th July 2022 is the State Bank of India (SBI).

Explanation:

Electoral Bonds were introduced by the Government of India in 2018 as a means to promote transparency in political funding. These bonds are financial instruments that can be purchased by any individual or company from authorized banks and then donated to political parties of their choice. The political parties can encash these bonds through their authorized bank accounts.

The Union Government has authorized certain banks to issue and encash Electoral Bonds. In this case, the State Bank of India (SBI) has been given the authority to carry out these transactions through its 29 Authorized Branches from 1-10th July 2022.

The SBI is one of the largest and most trusted banks in India. It has a wide network of branches across the country, making it convenient for individuals and companies to purchase and encash Electoral Bonds. The authorization of SBI for this purpose indicates the trust placed by the government in the bank's capabilities and infrastructure to handle these transactions efficiently and securely.

The decision to choose SBI as the authorized bank for issuing and encashing Electoral Bonds could be based on several factors, including the bank's reputation, reach, and robustness of its systems. SBI's extensive branch network ensures that individuals and companies from various parts of the country can easily access these services.

By authorizing SBI, the government aims to streamline the process of political funding and ensure transparency in the flow of funds to political parties. It also provides a convenient and secure platform for individuals and companies to contribute to the political process in a legal and accountable manner.

In conclusion, the Union Government has authorized the State Bank of India (SBI) to issue and encash Electoral Bonds through its 29 Authorized Branches from 1-10th July 2022. SBI's reputation, reach, and robust systems make it an ideal choice for carrying out these transactions efficiently and transparently.