Electoral bonds: SBI under pressure to disclose details in Supreme Court today

PTC Web Desk: The State Bank of India (SBI) crucial deadline, as mandated by the Supreme Court, to disclose details related to electoral bonds ends today (Tuesday). The apex court had instructed the SBI to provide information about electoral bonds to the Election Commission of India by the close of business hours on Tuesday, March 12. The court's order came as a response to concerns about the anonymity of political funding through the electoral bonds scheme.

Despite the SBI's plea seeking an extension until June 30, the five-judge Constitution Bench, led by Chief Justice DY Chandrachud, dismissed the request. The court sternly warned the country's largest public sector lender of potential consequences for "wilful disobedience" if it failed to comply with the given directions and deadlines. In a significant move, the Election Commission was also directed to publish the information provided by the SBI on its official website by 5 pm on March 15.

This development is part of an ongoing legal battle surrounding electoral bonds. In a landmark verdict on February 15, the same five-judge Constitution Bench declared the Centre's electoral bonds scheme unconstitutional. The controversial scheme, which allowed anonymous political funding, was scrapped by the court, emphasising the need for transparency in political contributions. The court ordered the disclosure of information, including donors, donation amounts, and recipients, by March 13.

The Supreme Court also directed the SBI to submit details of electoral bonds purchased since April 12, 2019, until the current date to the Election Commission by March 6. The SBI's application for an extension until June 30 was heard as part of the broader legal proceedings, and the court observed that the bank's submissions indicated the readily available nature of the information that was directed to be disclosed.

As the deadline looms today (Tuesday, March 12), all eyes are on the SBI's compliance with the court's order. The anticipation surrounds the revelation of crucial information regarding electoral bonds, marking a pivotal moment in the legal battle against anonymous political funding and upholding the principles of transparency and accountability in the electoral process.