Breaking News: SBI Given March 12 Deadline by Supreme Court to Disclose Electoral Bonds Details

According to reports from various media outlets, India’s Supreme Court has rejected a plea by the government-run State Bank of India (SBI) for more time to disclose information about individuals and companies purchasing electoral bonds.

The Supreme Court, dismissing the SBI’s request for an extension until June 30, criticized the bank for “wilful disobedience” and directed it to reveal the details by the close of business on March 12.

The court emphasized that the SBI merely needed to open the sealed cover, compile the details, and provide the information to the Election Commission. This development comes shortly before the upcoming Lok Sabha elections.

In a previous ruling, the Supreme Court had declared the government’s electoral bonds scheme, allowing anonymous political funding, as “unconstitutional” and instructed the SBI to submit details of bonds purchased since April 12, 2019, to the Election Commission by March 6. Despite being the issuing bank of electoral bonds, the SBI had sought an extension until June 30 to disclose specific details about each electoral bond encashed by political parties.