In a significant development, the Supreme Court has emphasized the necessity for the State Bank of India (SBI) to provide exhaustive details regarding electoral bonds, rejecting any selective disclosure. The directive came amid hearings on pleas seeking transparency in the disclosure of unique alphanumeric identifiers associated with electoral bonds, as mandated by the court’s previous instructions.
A five-judge panel led by Chief Justice DY Chandrachud scrutinized SBI’s compliance, underscoring the expectation for the bank to furnish “every conceivable detail” pertaining to the electoral bonds. The bench, comprising Justices Sanjiv Khanna, B.R. Gavai, J.B. Pardiwala, and Manoj Misra, expressed dissatisfaction with SBI’s approach, which seemed to await specific requests for disclosure. The justices highlighted the importance of SBI’s candor and fairness in its dealings with the court.
In light of the proceedings, SBI has been instructed to submit a sworn statement by 5 p.m. on March 21, affirming the absence of any undisclosed information. Chief Justice Chandrachud made it clear that the bank’s obligation extends to furnishing all available data on electoral bonds, beyond merely responding to pointed inquiries from the court or the petitioners.
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This directive follows a landmark ruling in February 2024, wherein the Supreme Court declared the Centre’s electoral bond scheme unconstitutional. The scheme, which permitted anonymous donations to political parties, was annulled, and SBI was ordered to reveal the details of bonds sold from April 12, 2019, to February 15, 2024, to the Election Commission of India (ECI).
Despite SBI’s request for an extension until June 30 to compile the necessary information, the Supreme Court insisted on compliance by March 12. The ECI was subsequently tasked with publishing the disclosed data on its official website by March 15, 5 p.m., ensuring public access to the information.
