In compliance with a stern directive from the Supreme Court, the State Bank of India (SBI) has submitted data regarding electoral bonds to the Election Commission of India. This move comes in the wake of a landmark verdict last month where the Supreme Court deemed the electoral bond scheme “unconstitutional,” citing violations of citizens’ right to information.
On Tuesday evening, the State Bank of India provided the electoral bonds data to the Election Commission, in accordance with the court’s order. The Election Commission has confirmed receipt of the data and is expected to collate and release it by 5 pm on Friday, as per the court’s instructions.
Although the bank’s Chairman and Managing Director has not yet filed the affidavit confirming compliance with the court order, it is reportedly prepared and will be submitted on Wednesday, as per sources close to the matter.
The Supreme Court, on Monday, rejected a plea by the State Bank of India to extend the March 6 deadline for releasing the data. Chief Justice DY Chandrachud, leading the bench, rebuked the bank for “willful disobedience” and warned of contempt proceedings if the directives were not adhered to.
Despite the bank’s argument for needing more time to collect and cross-check the data stored in separate “silos” for confidentiality purposes, the court emphasized that the bank merely needed to disclose the information without conducting a matching exercise.
The Supreme Court’s firm stance comes in the aftermath of its previous ruling declaring the electoral bond scheme unconstitutional. The court had directed the SBI to reveal the data by March 6, with the Election Commission tasked with making this information public by March 13.
The electoral bond scheme, introduced as a means of political funding, has faced considerable scrutiny and criticism for lack of transparency and potential misuse. The recent developments underscore the judiciary’s commitment to upholding transparency and accountability in the electoral process, setting a significant precedent for democratic governance in India.
Sources By Agencies
