In a resounding rebuke, the Supreme Court has hauled the State Bank of India over the coals for its failure to provide comprehensive data on electoral bonds. This contentious scheme permitted individuals and businesses to clandestinely donate to political parties. Following the court’s annulment of the scheme, SBI was mandated to divulge all donation details spanning the past five years.
Today’s court proceedings, sparked by a petition from the Election Commission, unveiled the inadequacy of the data furnished by SBI. Chief Justice DY Chandrachud, spearheading a five-judge panel, minced no words in admonishing SBI for its incomplete disclosure. The bench, demanding transparency, mandated SBI to furnish not just details but also the electoral bond numbers.
“Who is representing the State Bank of India? They have conveniently omitted the bond numbers. It’s imperative for SBI to come clean,” Chief Justice Chandrachud asserted, setting the tone for the hearing.
In a stern notice to SBI, the Supreme Court bench has summoned an explanation for the lapse, slated for the next hearing on March 18.
The revelation of electoral bond numbers assumes paramount significance in establishing the nexus between donors and political entities.
Electoral bonds, touted as a remedy for clandestine political funding, were introduced by the BJP government in 2018. Ostensibly aimed at fostering transparency by replacing cash donations, they soon found themselves under the judicial scanner.
Last month, the Supreme Court struck down the scheme, citing its unconstitutionality and apprehensions of quid pro quo arrangements. Additionally, the court directed SBI to share exhaustive details concerning the purchase and redemption of these bonds with the Election Commission.
In its petition, the Election Commission underscored the court’s directive to maintain copies of the documents submitted during the hearing in a sealed cover. However, it clarified its lack of possession over these documents and requested their return to comply with the court’s orders.