Supreme Court Warns SBI Over Electoral Bonds Information Delay

In a stern warning, the Supreme Court of India admonished the State Bank of India (SBI) for not publishing information about electoral bonds, indicating that contempt proceedings could be initiated if the data is not released by the end of the business day tomorrow. The apex court criticized SBI for its “wilful disobedience” of its orders and has directed the bank’s Chairman and Managing Director to submit an affidavit confirming compliance with the court’s directive. This move underscores the judiciary’s firm stance on ensuring transparency in electoral funding.

During the proceedings, the Supreme Court, led by Chief Justice DY Chandrachud, expressed its reluctance to exercise its contempt jurisdiction immediately. However, it did not shy away from placing SBI on notice, stating the court’s readiness to proceed against the bank for its wilful non-compliance should it fail to adhere to the specified timeline. The court’s decision sends a clear message about its commitment to uphold the principles of transparency and accountability in the electoral process.

The directive came in response to a plea by the State Bank of India seeking an extension beyond the March 6 deadline for releasing comprehensive details about the donors and recipients of electoral bonds. In a significant verdict last month, the Supreme Court declared the electoral bond scheme “unconstitutional,” highlighting that it infringed upon the citizens’ right to information. This ongoing saga places a spotlight on the crucial issue of electoral funding and the need for transparency in political donations.

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