Supreme Court Raps SBI For Not Sharing "Complete Data"

The Supreme Court today came down hard on the State Bank of India and issued notice for not disclosing electoral bond numbers and thereby not fully complying with its previous judgment. The top court categorically stated that electoral bond numbers, which link donors to recipients, "has to be disclosed" by the lender.

Hearing a petition by the Election Commission seeking modification of its March 11 order, the Supreme Court said that the data provided by SBI was incomplete. The five-judge bench, headed by Chief Justice DY Chandrachud, directed SBI to disclose electoral bond numbers as well, in addition to the details it has already shared.

‘’They have not disclosed the bond numbers. It has to be disclosed by the State Bank of India," Chief Justice Chandrachud said right at the outset of the hearing.

In its notice to SBI, the Supreme Court bench has asked the bank to explain the lapse during the next hearing on March 18. The electoral bond numbers would help establish the link between donors and political parties.

Electoral bonds allowed individuals and businesses to donate money to political parties without declaring it. They were introduced by the BJP government in 2018 as an alternative to cash donations and had been pitched as an initiative to bring transparency in political funding.

The Supreme Court struck down the scheme last month, terming it unconstitutional and over concerns that this could lead to a quid pro quo.