India National News

Electoral Bonds Case: Supreme Court Grills SBI, Orders Bank To Submit Data By Tomorrow

Today, the Supreme Court of India denied the State Bank of India’s (SBI) appeal for an extension of time to provide details of the electoral bonds plan. The Court ordered the bank to provide the information to the Election Commission of India by tomorrow. By Friday at 5 p.m., the poll body is expected to post the information on its website.

The Court has warned the SBI chairman and managing director that they will face contempt proceedings if they do not comply with its order within the timeline.

Also Watch: Electoral Bonds Case: Supreme Court Grills SBI, Orders Bank To Submit Data By Tomorrow

During the hearing of the State Bank of India’s request for an extension to disclose details of the electoral bonds scheme, the Bench of Justices asked the bank some tough questions today, like

1. What steps have been taken in the last 26 days? Noting that the request for an extension doesn’t mention any actions already taken.
2. The seriousness of requesting an extension was emphasized, considering the clear ruling given by the Court.
3. SBI only needs to open a sealed envelope, collect information, and give it to the Election Commission.
4. Given its status as the top bank in the country, it’s expected that SBI will come forward and reveal the information.

The Supreme Court of India instructed SBI to share two types of information: the names of the buyers of electoral bonds, the value of the bonds they purchased, and the bonds that political parties redeemed.
The Court clarified that there’s no need to link the bond purchasers to specific political parties.

After the Supreme Court directed SBI to reveal electoral bond details by March 12, Advocate Prashant Bhushan stated that the Court took a firm stance against SBI’s request for an extension till June 30. The Court rejected SBI’s application, noting that the required data was already in SBI’s possession as per their affidavit. SBI must submit the donor and party redemption details as requested by the Court.

The Association for Democratic Reforms (ADR), one of the petitioners that challenged the electoral bonds scheme introduced by the Narendra Modi government in 2017, has objected to the State Bank of India’s (SBI) request for an extension. The ADR believes that the SBI’s request was submitted at the eleventh hour to prevent the disclosure of details before the upcoming Lok Sabha polls.

Senior Advocate Harish Salve, representing SBI, explained that the bank stored details of the electoral bonds scheme separately from its central banking system, following standard procedures. He mentioned that they require extra time to comply with the Court’s order as they are working to gather and organize the information. Salve also highlighted that the bank was instructed to keep this information confidential.

Justice Sanjiv Khanna emphasized the urgency of SBI disclosing electoral bond information. Harish Salve outlined the complexities of collating data but was reminded by Chief Justice DY Chandrachud that no matching exercises were mandated.

The Chief Justice expressed concern over an SBI official seeking modifications to the judgment, highlighting the gravity of the issue. The Court urged SBI to fulfil its obligations promptly and transparently.

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