Electoral Bond Case: SC Declines SBI Plea, Sets Deadline to Publish Details

SC Orders SBI to Disclose Details, Major Development Ahead of Elections

Supreme Court mandates immediate electoral bond details submission by SBI, setting a tight deadline.

NEW DELHI – In a significant development, the Supreme Court on Monday dismissed the State Bank of India’s (SBI) request for an extension to submit electoral bond details to the Election Commission. The country’s apex court has given SBI, India’s largest banking institution, a strict deadline until the end of business hours on Tuesday, March 12, to comply with its directive. This order comes as part of the court’s rigorous stance on ensuring transparency in political funding.

SBI Faces Contempt Warning

The Supreme Court has explicitly warned SBI’s Chairman and Managing Director of potential contempt proceedings should the bank fail to adhere to the specified timeline. This stringent warning underscores the court’s commitment to enforce its orders without delay. The directive is a fallout of a landmark judgment on February 15, where a five-judge Constitution bench deemed the Centre’s electoral bond scheme unconstitutional for allowing anonymous political contributions.

Electoral Bond Scheme Scrutinized

The court’s directive mandates SBI to disclose the identities of donors, the amounts donated, and the recipients by March 13. SBI’s plea for an extension until June 30 for this disclosure was firmly rejected by a bench led by CJI DY Chandrachud, highlighting the urgency and importance of transparency in the electoral bond scheme. The bench criticized SBI for its inaction over the past 26 days and clarified that the bank’s task was simply to open the sealed envelopes containing the bond details and forward the information to the Election Commission.

SBI’s Plea for Extension Denied

Despite arguments from senior advocate Harish Salve, representing SBI, that the bank required additional time to gather and organize the data from various branches, the court remained unmoved. The judges emphasized that the bank had already been given sufficient time to make the necessary disclosures.

With the Election Commission ordered to publish the bond details on its website by 5 pm on March 15, the focus now shifts to SBI’s compliance with this tight schedule. This case marks a critical moment in India’s ongoing debate over political funding transparency and the role of electoral bonds.