SBI Submits Electoral Bonds Information to ECI in Compliance with Supreme Court Directive

13 Mar 2024 , 11:02 AM

On March 12, State Bank of India (SBI), the country’s largest lender, provided electoral bond data to the Election Commission of India (ECI), as required by the Supreme Court on March 11. The Supreme Court has directed the ECI to post all data on its website by March 15, 2024, for public access. The ECI acknowledged that it has received the SBI data on electoral bonds.

On March 11, the Supreme Court denied SBI’s appeal for an extension until June 30, 2024, to publish the information of electoral bonds encashed by political parties, including the date of encashment and the value of the electoral bond. SBI has been instructed to furnish data by the end of business hours on March 12.

The Supreme Court ordered the bank to disclose details of bonds encashed by political parties to the Election Commission by the end of business hours on March 12, warning the country’s largest public sector lender that if it failed to comply with its directions and deadlines, it could face “wilful disobedience” charges.

On March 11, a five-judge panel, headed by Chief Justice of India DY Chandrachud, revealed that it had instructed the State Bank of India (SBI) to provide straightforward disclosure in accordance with the court’s ruling. Additionally, the Supreme Court mandated the Election Commission to release the information provided by the SBI by 5 PM on March 15.

The bank’s chairman and managing director were also directed to submit an affidavit subsequent to the data submission, with a warning of potential contempt action if the directive is not adhered to.

During the hearing, the Supreme Court remarked that SBI’s appeal did not explain what has been done in the 26 days since its February 11 decision. Furthermore, the Supreme Court voiced its concern with an Assistant General Manager (AGM) bringing an application to alter a Constitution Bench ruling.

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