SBI submits electoral bonds data to poll panel after Supreme Court’s directive

Complying with the strict order from the Supreme Court, the State Bank of India submitted data about electoral bonds to the Election Commission of India. The poll panel will collate and release the data as ordered.  

The Chairman and Managing Director of the bank is yet to file the affidavit confirming compliance with the court order. As per news source, it will be submitted on Wednesday.

The State Bank of India’s plea to extend the March 6 deadline to release this data has been cancelled by the Supreme Court. A bench led by Chief Justice DY Chandrachud came down strongly on the bank for "willful disobedience" of orders, and warned it of contempt proceedings.

"While we are not inclined to exercise contempt jurisdiction at this time, we place SBI on notice that this court may be inclined to proceed against it for willful disobedience if it does not comply with directions by timelines indicated in this order," the court had said.

The bank argued that collecting, verifying and releasing the data will take considerable amount of time, as the data was stored in two "silos" to maintain confidentiality of both sides. "We need a little more time to comply. We were told this is supposed to be a secret," the bank said, and asked for time till June 30.    

That deadline is well past the completion of the 2024 general election.

In response the Supreme Court pointed out donor details were available at the SBI's Mumbai branch, and the bank just had to "open covers, collate details and give information". "We had not told you to do the matching exercise. We have asked you for a plain disclosure," the Chief Justice rapped SBI.

Last month, in a landmark verdict, the Supreme Court held the electoral bond scheme to be "unconstitutional" and said it violated citizens' right to information. The SBI had been directed to reveal data by March 6 and the poll panel to make this information public by March 13.