The Supreme Court today denounced the State Bank of India for failing to share complete data on electoral bonds, a scheme that allowed individuals and businesses to donate anonymously to political parties. The court overturned the scheme and ordered the bank to share all information about donations made in the last five years.
Hearing a petition from the Election Commission, the Supreme Court ruled that the data provided by the Court was insufficient. The five-judge bench, led by Chief Justice DY Chandrachud, directed SBI to disclose electoral bond numbers in addition to the information already provided.
Chief Justice Chandrachud said right at the outset of the hearing,”Who is appearing for the State Bank of India? They have not disclosed the bond numbers. It has to be disclosed by the State Bank of India.” The Supreme Court bench has requested in its notice to SBI that the bank provide an explanation for the lapse at the upcoming hearing on March 18.
The electoral bond numbers would facilitate establishing a relationship between political parties and donors. Using electoral bonds, people and companies could covertly give money to political parties. The BJP government introduced electoral bonds in 2018 as an initiative to increase transparency in political funding and as an alternative to cash donations.
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Electoral bonds: SC raps SBI for not disclosing bond numbers, seeks response by March 18
