Supreme Court Criticizes SBI for Non-Disclosure in Electoral Bond Scheme

The Supreme Court of India expressed strong disapproval towards the State Bank of India (SBI) for failing to disclose the unique serial numbers of electoral bonds when providing information to the Election Commission of India (ECI) for public dissemination. The apex court, led by Chief Justice of India Dhananjaya Y Chandrachud, emphasized that their directive for the disclosure of comprehensive details was not adhered to by the SBI, particularly highlighting the omission of bond numbers which are crucial for tracking the bonds’ issuance and redemption. The court has sought the bank’s response by March 18, underscoring the need for transparency in the electoral bond scheme which was declared unconstitutional by the court on February 15 due to its anonymity provisions.

Solicitor General Tushar Mehta indicated that the bank might have explanations for the oversight, while senior counsel representing the petitioners accused the SBI of violating the Supreme Court’s judgment demanding the disclosure of all details related to the bonds since April 2019. The controversy revolves around the electoral bonds’ unique serial numbers, which are essential for tracing the bonds back to the purchasers, thereby ensuring accountability and transparency in political funding.

In light of the controversy, the Supreme Court has issued a notice to SBI and scheduled a hearing for March 19. Additionally, the court has allowed the ECI’s request for the retrieval of electoral bond documents submitted last year, directing the digitization and provision of these documents to the ECI for public release. This development comes as part of the Supreme Court’s efforts to enforce its verdict on the electoral bond scheme, mandating full disclosure of bond purchases and redemptions to uphold the voters’ right to information.

Pic Courtesy: google/ images are subject to copyright