The State Bank of India (SBI) has complied with the Supreme Court's stern order by submitting the data of Electoral Bonds to the Election Commission of India (ECI) on Tuesday, a day after the court's directive. The Supreme Court, rejecting SBI's plea seeking an extension of time, ordered the bank to disclose the details of electoral bonds to the Election Commission by the close of business hours on March 12. Sources revealed that the data shared by SBI includes details of the sale and purchase of electoral bonds, indicating who bought bonds worth how much and in favor of which political party. The data, provided by SBI in raw form, is being uploaded in phases, with plans to release it all together by the evening of March 15.
During the hearing headed by Chief Justice DY Chandrachud, the Supreme Court rebuffed SBI's request for more time, highlighting the accessibility of donor details at the bank's Mumbai branch. The court emphasized that SBI only needed to "open covers, collate details, and provide information" to comply with its order. The Supreme Court also directed the Election Commission to publish the electoral bonds' details on its official website by 5 pm on March 15.
The Supreme Court's directive comes as a response to SBI's plea for an extension until June 30 to submit the details, citing the time-consuming process of gathering and cross-verifying data stored in separate "silos" for confidentiality. However, the court criticized SBI for "willful disobedience" of its order and warned of contempt proceedings.
The introduction of electoral bonds aimed to enhance transparency in political funding by replacing cash donations to political parties. Since the inception of the scheme in 2018, SBI has issued Electoral Bonds worth Rs 16,518 crore in 30 tranches. Nonetheless, the Supreme Court, in a landmark judgment last month, declared the electoral bond scheme "unconstitutional," citing violations of citizens' right to information.