SBI submits data on Electoral Bonds to Election Commission

State Bank of India (SBI) on Tuesday furnished the Electoral Bonds data to the Election Commission of India (ECI) in compliance with a stringent directive from the Supreme Court issued on Monday.

Despite SBI’s plea for an extension, the bench led by Chief Justice DY Chandrachud rejected it and instructed the bank to disclose the electoral bonds information to the Election Commission by the close of business hours on March 12th.

According to reports, the poll panel is set to compile and publish the data by 5 pm on Friday, as per the court’s instructions.

However, as of now, the Chairman and Managing Director of the bank have not submitted the affidavit confirming their compliance with the court’s order.

During yesterday’s hearing, the bank argued that the process of collecting, cross-referencing, and disclosing the data, which is stored in two distinct “silos” to ensure confidentiality, would require considerable time and effort.

Citing these challenges, the bank sought an extension until June 30 to submit the data, which is significantly later than the upcoming Lok Sabha elections.

In response, the apex court highlighted that the donor details were already accessible at SBI’s Mumbai branch, emphasizing that all the bank needed to do was to “open covers, collate details, and provide information”.

The electoral bond system was introduced to replace cash donations to political parties with the aim of enhancing transparency in political funding. Notably, since its inception in 2018, SBI has issued Electoral Bonds totaling Rs 16,518 crore across 30 tranches.

However, in a landmark ruling last month, the Supreme Court declared the electoral bond scheme “unconstitutional,” stating that it violated citizens’ right to information.

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