Sbi complies with sc direction, submits data on electoral bonds

NEW DELHI, MARCH 13: The State Bank of India (SBI) announced its compliance with the Supreme Court’s mandate to submit vital information regarding electoral bonds to the Election Commission

of India (ECI). This comes after a five-judge Constitution bench, spearheaded by Chief Justice of India (CJI) DY Chandrachud, dismissed SBI’s plea on March 11 to extend the deadline for

furnishing these details, asserting that SBI faced potential contempt of court charges if it persisted in non-compliance beyond a given deadline. The bank, in a proactive move, submitted a

comprehensive compliance affidavit today, assuring the Court and the ECI of its adherence to the directives. The affidavit delineated crucial information, including the date of purchase for

each electoral bond, purchaser names, and bond denominations. Additionally, it encapsulated details regarding bond encashment dates, political party recipients, and corresponding bond

denominations. The submission revealed that a staggering total of 22,217 bonds were purchased between April 1, 2019, and February 15, 2024, with 22,030 of them duly redeemed. The affidavit

unveiled that electoral bonds not encashed within the 15-day validity window had been transferred to the Prime Minister’s National Relief Fund, showcasing a commitment to transparency and

adherence to legal provisions. The journey to this compliance was fraught with legal intricacies. Following the Supreme Court’s unanimous ruling on February 15, which annulled the Electoral

Bonds Scheme, SBI was tasked with disclosing the details of political party contributions via electoral bonds from April 12, 2019. The Court, in its judgment, mandated SBI to furnish

specifics of each bond transaction, including purchaser identities and redemption details, by March 6. Despite SBI’s subsequent plea for an extension till June 30, citing logistical

challenges in decoding and matching donor information, the apex court, on March 11, rebuffed this request and directed SBI to adhere to the initial deadline. During the proceedings, the

Court expressed dismay over the delay in compliance and criticized an Assistant General Manager’s application to alter the bench’s order. SBI, in its defence, elucidated the complexities

involved in retrieving decentralized information and maintaining donor anonymity, stressing the intricate nature of the decoding process. Meanwhile, the petitioners in the electoral bonds

case, namely the Association for Democratic Reforms (ADR) and the Communist Party of India (Marxist) (CPI (M)), had filed contempt petitions against SBI for alleged non-compliance, adding a

layer of legal complexity to the matter.