SBI Seeks Extension from Supreme Court for Electoral Bond Disclosure

The court directed SBI to disclose specifics of each encashed bond, including date and denomination, to the Election Commission by March 6.

Digital Desk: The State Bank of India (SBI) has approached the Supreme Court, requesting an extension until June 30 to reveal details about electoral bonds cashed by political parties. In its plea, SBI cited the complexity of decoding and matching donor information, stored separately in different silos, making the process time-consuming. The bank assured that it had implemented stringent measures to protect donor identities.

According to the bank, donor details were sealed at designated branches and later deposited in the main Mumbai branch. SBI emphasized the absence of a central database, maintaining the separation of data related to bond issuance and redemption. The move comes after the Supreme Court's landmark February 15 decision, annulling the electoral bonds scheme, citing violations of constitutional rights.

The court directed SBI to disclose specifics of each encashed bond, including date and denomination, to the Election Commission by March 6. The bank's plea highlights the intricacies of the retrieval process, asserting the need for additional time. The verdict had significant implications for political funding transparency, challenging the government's electoral bonds scheme.