SBI Submits Electoral Bonds Data to ECI

KAKALI DAS

In India, a legal battle is underway, between the nation’s largest bank, the SBI (State Bank of India), and the country’s highest court, the Supreme Court of India. It’s shaping up to be quite a nail-biter.

It began with a verdict last month, where a five-judge bench invalidated India’s electoral bonds, which served as campaign funding tools enabling anonymous donations by individuals and companies.

The process involved purchasing bonds from the SBI, donating them to a party, and subsequently allowing these parties to encash the bonds.

But, last month, the court abolished the electoral bond system and issued directives to the State Bank of India (SBI), requiring the bank to provide crucial data including the purchase date, purchaser’s name, amount of electoral bond, political party name, and encashment date. This information, housed within the SBI, was mandated to be handed over to the Election Commission of India by the court.

The deadline was set for March 6^th, but the SBI requested an extension, stating that they could only provide the data by the end of June. They explained the delay by mentioning the time required to match data from two separate files: one containing purchaser information and the other political party details. However, the Supreme Court did not entertain their reasoning.

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The judges declined to grant an extension, setting a new deadline for March 12^th. The State Bank of India was required to provide the data to the Election Commission of India by the close of business hours, facing potential consequences for non-compliance.

Several contempt petitions have been filed against the SBI, accusing the bank of violating the court’s order. The Supreme Court of India put the bank on notice, warning of consequences if the new deadline was breached.

Multiple legal actions, known as contempt petitions, have been initiated against the State Bank of India (SBI), alleging that the bank has failed to adhere to a judicial directive previously issued by the court. In response to these accusations, the Supreme Court of India, the nation’s highest judicial body, has formally alerted the SBI of these complaints.

The Supreme Court has cautioned the bank that there could be repercussions if it fails to comply with the court’s instructions by a specified upcoming deadline. This serves as a stern reminder to the bank that noncompliance with the court’s orders is a serious matter and could result in judicial sanctions or other legal consequences.

The exact nature of the order that the SBI is accused of violating is not detailed in this brief, but the reference to a “new deadline” suggests that the bank has been given an additional time frame to fulfill the court’s requirements, underlining the imperative for the bank to rectify the situation within the allotted time to avoid potential penalties.

After two deadlines, on March 12^th, the State Bank of India finally submitted all data related to the Electoral Bonds. According to reports, the data was sent by SBI at 5:30 PM IST.

Between April 2019 and February 2024, a total of 22,217 bonds were purchased, out of which 22,030 were redeemed. It’s crucial to note that uncashed bonds were transferred to the Prime Minister’s Relief Fund.

Additionally, any electoral bonds not encashed by political parties within the 15-day validity period were also transferred to the Prime Minister’s National Relief Fund.

The State Bank of India has stated that the information was provided to the Election Commission of India in digital form.

Additionally, the bank informed the Supreme Court that they submitted details including the purchase date, termination date, buyer’s name, encashment date, and bond denominations. As per Gazette notification number 20 dated 2/1/2018, the Election Commission of India is required to upload all these details on its website by 5:00 PM on March 15^th.

14-03-2024

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