SBI Prepared with Electoral Bond Details as Supreme Court Deadline Expires Today: Report

The State Bank of India (SBI) has reportedly indicated its readiness to disclose details regarding electoral bonds, as directed by the Supreme Court. The court, in response to SBI’s plea for an extension of time till June 30, dismissed the request and mandated the disclosure by the close of business hours on Tuesday, March 12. Chief Justice DY Chandrachud, leading a five-judge constitution bench, warned SBI of potential consequences for “wilful disobedience” if it failed to comply with the deadlines. The court further directed the Election Commission (EC) to publish the information provided by SBI on its official website by 5 pm on March 15.

SBI, affirmed its readiness with the electoral bonds data, underscoring the importance of mapping the information to prevent discrepancies. With the Supreme Court’s order, anonymity for customers is no longer viable, as disclosure has been mandated.

In a significant ruling on February 15, the same constitution bench had declared the Centre’s electoral bonds scheme unconstitutional, scrapping it altogether. The court ordered the EC to disclose donors, the donated amounts, and recipients by March 13. The apex court also directed SBI to submit details of electoral bonds purchased since April 12, 2019, by March 6.

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During the hearing of SBI’s extension plea, the bench also addressed separate pleas seeking contempt action against the bank for alleged disobedience of the court’s directives. It noted that SBI’s submissions indicated the readily available nature of the information the court had directed to be disclosed.