SBI Bows to Court Order After Facing Contempt Threat: Electoral Bond Data Now with ECI

New Delhi: On Tuesday evening, the State Bank of India (SBI) duly submitted data regarding political contributions facilitated through electoral bonds to the Election Commission of India (ECI), adhering to the directives of the Supreme Court.

As per the court’s order, the Election Commission is now tasked with collating and releasing the data by 5 p.m. on Friday.

Despite the SBI’s plea to extend the March 6 deadline for submitting the data being rejected by the Supreme Court on Monday, the bank had sought more time, asserting that the collection, cross-checking, and release of the data stored in two silos for confidentiality purposes would be time-consuming.

Chief Justice D.Y. Chandrachud, leading the bench, sternly criticized the SBI on Monday for its “willful disobedience” of court orders and cautioned the bank about potential contempt proceedings.

The Supreme Court, in a verdict on February 15, declared the Electoral Bonds Scheme, 2018 unconstitutional and directed the immediate cessation of their issuance by the SBI. Furthermore, the court instructed the SBI to furnish details of electoral bonds purchased since April 2019 to the ECI by March 6 for publication on the official website of the electoral body.

The court’s order explicitly stated, “SBI must disclose details of each Electoral Bond encashed by political parties, which shall include the date of encashment and the denomination of the Electoral Bond. SBI shall submit the above information to the ECI within three weeks from the date of this judgment, that is, by March 6, 2024.”