In a significant development, the Supreme Court declined to offer the State Bank of India (SBI) additional time to reveal details related to the purchase and encashment of electoral bonds since April 2019. The SBI now has a directive to make these details known to the Election Commission of India (ECI) by the end of March 12, including the names of purchasers, the dates of purchase, and the bond denominations. Moreover, the names of the political parties that redeemed the bonds must also be disclosed, with corresponding dates and denominations. The ECI is expected to make this information public on its website by March 15.
The Court has taken a firm stance against any delays by threatening possible contempt action. It has highlighted the bank’s lack of communicative clarity regarding their efforts to comply with the order following their application for an extension just before the original deadline of March 6. The mismatched pace at which the SBI responded to the initial directive indicated that their request was more of a stalling tactic than a genuine need for additional time. Thus, the Supreme Court has mandated immediate action, facilitating the exercise of the voters’ right to know about who funds political parties.
Subsequently, the SBI communicated readiness in supplying the required information on electoral bonds to the ECI in adherence to the Supreme Court’s mandate. Despite the bank’s preference for ample time to ensure data accuracy, this compliance will eliminate the scope for anonymity in political donations. The lender’s preparations indicate that it has overcome the claimed logistical hurdles. The bank’s preparation comes after the Court’s strict directions and dismissal of its plea for an extension to June 30. Instead, the apex court directed that the details must be made available by the designated dates, imposing transparency in political funding. The SBI’s acquiescence signifies a pivotal move towards accountability in the funding and functioning of political parties in India.