Editorial With Sujit Nair | Why Is SBI Seeking Extension On Electoral Bonds?

In this edition of ‘Editorial,’ Mr. Sujit Nair addresses the State Bank of India’s application filed in the Supreme Court, requesting an extension until June 30, 2024, to provide electoral bonds information to the Election Commission of India. According to a Constitutional Bench’s ruling on February 15, the SBI is obligated to submit the information to the ECI by March 6. The application outlines that between April 12, 2019, and February 15, 2024, a total of 22,217 electoral bonds were issued for donations to various parties. Redeemed bonds were submitted to the Mumbai Main Branch by Authorized Branches in sealed envelopes after each phase. The SBI highlights the existence of two separate information sources, necessitating the decoding, compilation, and comparison of 44,434 information sets. The SBI argues that the three-week timeline set by the Supreme Court would not be adequate for completing the entire process.

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