The SBI on Tuesday submitted data regarding electoral bonds to the Election Commission of India, as directed by the Supreme Court.The Supreme Court today admonished the State Bank of India (SBI) over its failure to disclose complete data on electoral bonds. Last month, the court had invalidated the scheme that allowed individuals and corporations to contribute anonymously to political parties. The top court directed the national bank to furnish all details regarding donations made since the launch of the scheme.
The Supreme Court expressed dissatisfaction with the State Bank of India (SBI) for failing to disclose the unique serial numbers associated with each electoral bond (EB) while providing information to the Election Commission of India (ECI) regarding bond beneficiaries and donors. A five-judge bench led by Chief Justice DY Chandrachud directed the SBI to divulge not only the details it had already shared but also the electoral bond numbers, crucial for establishing the nexus between donors and political parties. Electoral bond numbers are pivotal in establishing the connections between donors and political entities.
“We can take exception to what they have not disclosed. Our direction was clear… We directed disclosure of entire details. They have not disclosed the bond number. They have to disclose the number too,” said the bench seeking the bank’s reply on March 18 and fixed the matter for hearing next on March 19.
The SBI on Tuesday submitted data regarding electoral bonds to the Election Commission of India, as directed by the Supreme Court. In adherence to the court’s directive, the poll panel released the data on Thursday.
On Monday, the Supreme Court rejected the State Bank of India’s (SBI) plea for an extension to disclose details of the electoral bonds scheme, and ordered the bank to share all information with the ECI by Tuesday. The court also warned of contempt proceedings against the government-run bank if it failed to comply with the directive by the specified deadline. The court also directed the bank to file an affidavit after compliance.
In a historic ruling on February 15, the court deemed the electoral bonds scheme unconstitutional, citing violations of citizens’ right to information. A five-judge Constitution bench, led by Chief Justice of India DY Chandrachud, said that all political parties are integral units in the electoral process, underscoring the significance of transparency in the funding of political parties. In its verdict, the court instructed SBI to disclose the names of contributors to the electoral bonds scheme to the Election Commission (EC). The SBI was mandated to divulge specifics of each electoral bond cashed by political parties, including the date of encashment and the denomination of the bonds.
Among the four petitioners challenging the electoral bond scheme were the Association for Democratic Reforms (ADR), Congress leader Jaya Thakur, the Communist Party of India (Marxist), and Common Cause. The petitioners argued that the anonymity of the electoral bonds affects the transparency of political funding. According to petitioners, the scheme also violated voters’ right to information.
The electoral bond system was introduced by the Prime Minister Narendra Modi-led government in 2018, as part of its efforts to curb the influence of black money in politics. The scheme was seen as a solution to replace cash donations and improve transparency in political funding. Under this scheme, bonds were to be purchased from the State Bank of India (SBI) to be donated to parties anonymously. Despite the technical anonymity of donors using electoral bonds, the fact that SBI is publicly owned raises concerns regarding potential access to its data by the ruling party.