Supreme Court criticises SBI for withholding full data on electoral bonds

PTC News Desk: The Supreme Court of India today delivered a stern rebuke to the State Bank of India (SBI) for its failure to provide complete data regarding electoral bonds, a system enabling individuals and businesses to contribute anonymously to political parties. In response to a petition filed by the Election Commission, the apex court highlighted the inadequacy of the data furnished by the SBI and took decisive action, nullifying the electoral bond scheme. Moreover, the court directed the SBI to divulge all details pertaining to donations made over the past five years.

During the hearing presided over by a five-judge bench led by Chief Justice DY Chandrachud, the court emphasized the necessity of disclosing electoral bond numbers alongside the previously shared information. Chief Justice Chandrachud, expressing dissatisfaction, underscored the imperative for the SBI to reveal the bond numbers without delay, setting a clear tone for the proceedings.

With the next hearing scheduled for March 18, the Supreme Court issued a notice to the SBI, demanding an explanation for the oversight in providing comprehensive data.

The disclosure of electoral bond numbers is anticipated to shed light on the intricate connections between donors and political parties, thereby promoting transparency in political funding, a crucial aspect of democratic governance.

Electoral bonds were introduced by the BJP government in 2018 as a means to facilitate donations to political parties without requiring donors to declare their contributions publicly. Marketed as an initiative to enhance transparency in political funding by offering an alternative to cash donations, electoral bonds garnered attention for their potential impact on the integrity of political processes.

Last month, the Supreme Court deemed the electoral bond scheme unconstitutional, expressing concerns over potential quid pro quo arrangements and affirming its commitment to upholding the principles of democratic governance.

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(Inputs from agencies)