State Bank Of India Case In Supreme Court Today

Supreme Court is all set to hear the State Bank of India (SBI) case today hours after it slammed the largest public sector bank for failing to disclose the electoral bonds on March 6 as per its directions made on February 15.

The apex Court had on February 15 struck down the contentious electoral bond introduced by the central government in 2018 terming it unconstitutional and a violation of the right to the information. The court had also directed the bank to release the information on donor and recipient through electoral bond by March 6 and to publish the information on the Election Commission website by March 13

However, SBI just two days before the deadline filed a petition seeking an extension of deadline for disclosing the data on electoral bonds by June 30. Notably, the Supreme Court while hearing its extension plea came heavily down on the bank for willful disobedience of the court’s last month order. The apex Court then asked the bank to furnish details of all electoral bonds within a day.

While warning the bank of contempt of proceedings if it fail to release the data within a day, the Court yesterday directed the Chairman and Managing Director of SBI – India”s largest bank, with a 23 per cent market share – to file an affidavit after compliance.

“While we are not inclined to exercise contempt jurisdiction at this time, we place SBI on notice that this court may be inclined to proceed against it for wilful disobedience if it does not comply with directions by timelines indicated in this order,” the court said.

The bank had argued that it would take considerable time to gather, cross-check and release the information as it was stored in two silos to maintain the confidentiality of donors and recipients. However, the Supreme Court will hear the bank”s response today

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