The Supreme Court has issued a stern directive to the State Bank of India (SBI), rejecting its plea for more time to disclose details of the electoral bonds scheme. Instead, the apex court has mandated that the SBI must share the relevant information with the Election Commission of India by tomorrow, with the poll body instructed to publish the details on its website by 5 pm on Friday.
Supreme Court posing tough questions to the SBI, questioning the delay in disclosing the details of the electoral bonds scheme. The bank had sought an extension until June 30 to comply with the court’s order, citing the complexity of the process.
The SBI’s request for an extension was met with opposition from the Association for Democratic Reforms (ADR), one of the petitioners in the case challenging the electoral bonds scheme introduced by the Narendra Modi government in 2017. The ADR argued that the bank’s eleventh-hour application was a strategic move to delay the disclosure of information ahead of the upcoming Lok Sabha polls.
Senior Advocate Harish Salve, representing the SBI, explained that the bank had followed standard operating procedures (SOP) to store information about the electoral bonds scheme outside the core banking system. He emphasized the need for additional time to collate the information, stating that the bank was under the impression that the details were to be kept confidential.
However, Chief Justice of India DY Chandrachud, leading the five-judge Constitution bench, expressed dissatisfaction with the SBI’s response, highlighting that the bank had not provided adequate information on its progress since the court’s verdict on February 15.
In response, Mr. Salve assured the court that the bank possessed comprehensive details of the bond purchasers and the associated transactions. He underscored the meticulous nature of the process, emphasizing the need for accuracy to avoid potential legal repercussions.
The Chief Justice reiterated the court’s expectation of transparency and accountability from the SBI, emphasizing the seriousness of the matter. The court’s landmark verdict on February 15 declared the electoral bonds scheme unconstitutional, citing violations of citizens’ right to information.
As the legal battle unfolds, all eyes are on the SBI to fulfill its obligation to disclose the electoral bonds details promptly and transparently, in accordance with the Supreme Court’s directives.