KOLKATA — The Trinamool Congress (TMC), one of India’s wealthiest political parties, is facing an unprecedented internal crisis as rival factions battle for control over its vast financial reserves, estimated to run into hundreds of crores of rupees. The dispute, which erupted in the aftermath of the 2024 general elections, has laid bare deep divisions within the party, raising questions about its stability ahead of the 2026 West Bengal Assembly elections.
The conflict centers on the party’s centralized financial structure, which has long been managed by a small group of senior leaders close to West Bengal Chief Minister Mamata Banerjee. Dissenting factions, however, have accused the leadership of financial opacity and exclusion from decision-making, demanding greater transparency and a share of the party’s resources. The standoff has escalated to the point where some disgruntled leaders have threatened legal action to challenge the current leadership’s authority over the funds.
What Happened: The Factional Split and Financial Dispute
The TMC’s internal rift became public in early 2025, following the party’s underwhelming performance in the 2024 Lok Sabha elections, where it lost ground to the Bharatiya Janata Party (BJP) in West Bengal. While the TMC retained its majority in the state, the electoral setback fueled discontent among a section of leaders who had been sidelined in the party’s decision-making process.
According to party insiders and official records, the dispute over funds intensified in late 2025 when a group of senior leaders, including some former ministers and legislators, began demanding access to the party’s financial accounts. The dissenters alleged that the TMC’s leadership, led by Banerjee, had monopolized control over the party’s assets, which include bank deposits, real estate holdings, and investments in various sectors.
A senior TMC leader, who spoke on condition of anonymity, told The Hindu that the conflict was not merely about money but about the future direction of the party. “The funds are a symbol of power. Whoever controls them controls the party’s narrative, its campaigns, and ultimately, its survival,” the leader said. The source added that the dissenting faction had sought a formal audit of the party’s finances, a demand that was rejected by the leadership.
The TMC’s financial strength has been well-documented in filings with the Election Commission of India (ECI). While the party’s 2026 disclosures are not yet public, past records show that the TMC has consistently ranked among the richest regional parties in the country. In its 2023-24 financial statement, the party declared assets worth over ₹500 crore, including fixed deposits, properties, and other investments. The party’s income sources include corporate donations, electoral bonds, and contributions from individual supporters.
Why It Matters: Implications for West Bengal Politics
The dispute over party funds is not just an internal matter—it has significant implications for West Bengal’s political landscape, particularly as the state gears up for the 2026 Assembly elections. The TMC has been the dominant political force in West Bengal since 2011, but its grip on power has been challenged in recent years by the BJP, which has made inroads into the state’s rural and urban constituencies.
Political analysts warn that the factional feud could weaken the TMC’s organizational structure, making it vulnerable to opposition attacks. “If the dissenting faction decides to break away or launch a parallel campaign, it could split the TMC’s vote base, benefiting the BJP or even the Indian National Congress (INC),” said Dr. Sabyasachi Basu Ray Chaudhury, a political scientist at Rabindra Bharati University in Kolkata.
The dispute also raises broader questions about financial transparency in Indian political parties. Unlike corporate entities, political parties are not required to disclose detailed breakdowns of their expenditures, and their funding sources often remain opaque. The TMC’s case highlights the risks of centralized financial control, where a small group of leaders can wield disproportionate influence over party affairs.
Background and Context: The TMC’s Rise and Financial Dominance
The TMC’s financial strength is a product of its political dominance in West Bengal. Since coming to power in 2011, the party has expanded its influence beyond the state, becoming a key player in national politics. Its leader, Mamata Banerjee, has cultivated a strong personal brand, positioning herself as a vocal critic of the BJP-led central government while maintaining a populist appeal in West Bengal.
The party’s financial growth has been fueled by a combination of corporate donations, electoral bonds, and contributions from supporters. In the 2022-23 financial year, the TMC reported an income of ₹320 crore, the highest among regional parties in India. However, critics argue that the party’s financial management lacks transparency, with little public scrutiny over how funds are allocated or spent.
The TMC’s centralized financial structure is not unique in Indian politics. Most major parties, including the BJP and the INC, operate with similar models, where a small group of leaders controls the party’s finances. However, the TMC’s case is particularly notable because of the scale of its wealth and the intensity of the internal dispute.
Competing Claims and Uncertainty
The TMC’s leadership has dismissed the dissenters’ allegations as politically motivated. A party spokesperson, speaking to Herald Express, said that all financial decisions were made in accordance with party rules and legal requirements. “The TMC’s funds are managed by its authorized office-bearers, and all transactions are audited. There is no question of mismanagement or impropriety,” the spokesperson said.
The spokesperson also accused the dissenting faction of attempting to destabilize the party ahead of the 2026 elections. “This is nothing but an attempt to create confusion and weaken the party’s unity. The leadership is committed to maintaining the TMC’s strength and ensuring its victory in the upcoming polls,” the spokesperson added.
However, the dissenting faction has rejected these claims, arguing that the leadership’s refusal to address their concerns is evidence of a lack of accountability. A former TMC minister, who is part of the dissenting group, told Herald Express that the party’s financial opacity was a “ticking time bomb.” “The leadership has treated the party’s funds as its personal property. If they continue to ignore our demands, we will have no choice but to take legal action,” the former minister said.
The legal route, however, is fraught with challenges. Indian political parties are not subject to the same financial disclosure requirements as publicly listed companies, and the ECI’s oversight is limited. While the ECI can penalize parties for failing to submit financial statements, it has little authority to intervene in internal disputes over fund management.
What to Watch Next: Key Developments in the Coming Months
The TMC’s factional feud is likely to escalate in the coming months, with several key developments to watch:
1. Legal Challenges: The dissenting faction has hinted at approaching the courts to challenge the leadership’s control over party funds. If successful, such a move could set a precedent for other political parties facing similar disputes.
2. Electoral Bonds and Donations: The TMC’s reliance on electoral bonds and corporate donations could come under scrutiny if the dissenters push for greater transparency. The Supreme Court’s 2024 ruling striking down the electoral bonds scheme has already forced parties to rethink their funding strategies, and the TMC may need to adapt to new regulations.
3. Leadership Succession: The dispute has reignited speculation about Banerjee’s succession plan. While she has not named a successor, the factional feud suggests that the question of leadership transition is becoming increasingly urgent.
4. Opposition Strategy: The BJP and the INC are likely to exploit the TMC’s internal divisions in the run-up to the 2026 elections. The BJP, in particular, has been aggressively expanding its presence in West Bengal, and the TMC’s factional feud could provide an opening for the saffron party to consolidate its gains.
5. Public Perception: The TMC’s image as a party of the people could take a hit if the dispute over funds is perceived as a battle for personal enrichment. Banerjee’s populist appeal has been a key factor in the party’s success, and any erosion of public trust could have electoral consequences.
Conclusion: A Test of the TMC’s Resilience
The TMC’s factional feud over party funds is more than just a financial dispute—it is a test of the party’s resilience and its ability to navigate internal challenges. While Banerjee has weathered similar crises in the past, the scale of the current dispute, combined with the high stakes of the 2026 elections, makes this a critical moment for the party.
For now, the leadership appears determined to maintain its grip on power, dismissing the dissenters’ demands as politically motivated. However, if the factional conflict escalates, it could weaken the TMC’s organizational strength, giving the opposition an opportunity to make further inroads into West Bengal.
The dispute also serves as a reminder of the broader issues plaguing Indian political parties, from financial opacity to centralized leadership structures. As the TMC grapples with its internal crisis, the outcome could have implications not just for West Bengal, but for the future of political financing in India.
Story synopsis gathered from: [The Hindu](https://www.thehindu.com/news/national/west-bengal/why-are-rival-groups-of-trinamool-congress-laying-claim-over-party-funds/article71219924.ece) — source.
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Story synopsis gathered from: The Hindu – National — source.
