Supreme Court Directs SBI to Disclose Electoral Bond Donor Details Promptly

In a significant development, the Supreme Court has directed the State Bank of India (SBI) to promptly disclose details of electoral bond donors to the Election Commission of India (EC) by March 12. The dismissal of SBI's petition seeking more time underscores the court's emphasis on transparency in political funding.

The five-judge bench, led by Chief Justice of India DY Chandrachud, expressed dissatisfaction with SBI's previous non-compliance with the order to furnish electoral bond purchase details by March 6. The court directed the bank to submit the information by the close of business hours on March 12, with the EC required to publish the details on its official website no later than March 15 by 5 pm.

SBI's request for an extension until June 30 was met with criticism from the bench, which stated, "In the last 26 days, what steps have you taken? Your application is silent on that." The court emphasized the seriousness of the matter, given the clarity of its previous judgment.

Senior advocate Harish Salve, representing SBI, argued that the bank needed more time due to the time-consuming nature of the process, citing anonymity protocols surrounding donor information. The court, however, rebuffed this argument, insisting on a "plain disclosure" in line with its judgment.

Chief Justice Chandrachud questioned SBI's reluctance, stating, "You say details were kept in a sealed cover and submitted at the Mumbai Branch. Our directions were not for matching the information. We only wanted SBI to divulge clear details of donors. Why are you not complying with the judgment?"

Justice Sanjiv Khanna echoed this sentiment, emphasizing that all details were already available in sealed covers and needed to be disclosed promptly.

The bench also dismissed a contempt petition filed by the Association for Democratic Reforms (ADR) against SBI. This legal development follows the Supreme Court's decision on February 15 to declare the electoral bond scheme unconstitutional, instructing SBI to provide details of all electoral bond purchases since April 12, 2019.

As this situation unfolds, it highlights the ongoing scrutiny and emphasis on transparency in political funding, shaping the landscape of electoral finance in India.