Electoral Bonds: What to expect from SBI’s submission of details to Supreme Court today

The State Bank of India (SBI) has reportedly indicated its readiness to disclose details regarding electoral bonds, as mandated by the Supreme Court. Following the Court’s directive on Monday, SBI was instructed to provide information on electoral bonds encashed by political parties to the Election Commission of India by the close of business hours on Tuesday, March 12.

Expressing dissatisfaction with SBI’s initial reluctance, the Supreme Court warned the public sector lender of potential consequences for non-compliance, emphasizing the seriousness of the matter. The five-judge constitution bench, led by Chief Justice DY Chandrachud, dismissed SBI’s plea for an extension until June 30 to reveal the details, instead setting a deadline for disclosure to the Election Commission by 5pm on March 15, with publication on the Commission’s official website.

The court also said that matching names of electoral bond buyers with specific political parties was not required at the stage since it was cited as the sole reason government lawyer to the Supreme Court bench. Hence, all the available information on purchasers, bond denominations, and redemptions by political parties is readily available with the bank which is expected to be disclosed today by the end of working hours.

Supreme Court

The Supreme Court had previously invalidated the controversial electoral bonds scheme on February 15, deeming it unconstitutional and mandating disclosure of donor information, donation amounts, and recipients by March 13. The apex court also instructed SBI to furnish details of electoral bonds purchased since April 12, 2019, by March 6.

During the latest hearing, the Supreme Court addressed SBI’s request for an extension, as well as separate pleas seeking contempt action against the bank for alleged defiance of previous directives. Agency reports suggest that SBI’s submissions imply the availability of the requested information, further underscoring the importance of compliance with the court’s directives.