The State Bank of India submitted electoral bonds data to the Election Commission of India on Tuesday evening, following a stern order from the Supreme Court. The poll panel will release this data by 5 pm on Friday, as ordered by the court. However, the bank’s Chairman and Managing Director has not yet filed the affidavit confirming compliance with the court order.
#BREAKING CONFIRMED SBI sends all #ElectoralBonds data to the Election Commission of India by 5:30 pm #SupremeCourtofIndia pic.twitter.com/crKiwqCkvN
— Bar & Bench (@barandbench) March 12, 2024
On Monday, the Supreme Court rejected a plea from the State Bank of India, the country’s largest bank, to extend the March 6 deadline for releasing the data. Chief Justice DY Chandrachud’s bench strongly criticized the bank for its “willful disobedience” of orders and warned of potential contempt proceedings.
The bank argued that it would take considerable time to collect, cross-check, and release the data, as it was stored in two separate silos to maintain confidentiality. It stated that it needed more time to comply, emphasizing the confidential nature of the information. The bank requested an extension until June 30.
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In response, the Supreme Court highlighted that donor details were accessible at the SBI’s Mumbai branch, stating that the bank simply needed to “open covers, collate details, and provide information.” The Chief Justice reprimanded the SBI, emphasizing that the court had not instructed them to conduct a matching exercise but rather requested a straightforward disclosure.
The electoral bond system was introduced to replace cash donations to political parties, with the aim of enhancing transparency in political funding. Notably, since the inception of the scheme in 2018, the State Bank of India (SBI) has issued Electoral Bonds worth Rs 16,518 crore in 30 tranches.
In a landmark verdict last month, the apex court declared the electoral bond scheme “unconstitutional” and stated that it violated citizens’ right to information. The SBI was directed to disclose data by March 6, and the poll panel was instructed to make this information public by March 13.
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