Supreme Court Slams SBI For Not Sharing Complete Data

March 15, 2024 16:18
Supreme Court Slams SBI For Not Sharing Complete Data

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Supreme Court Slams SBI For Not Sharing Complete Data:- The Supreme Court has taken a firm stance against the State Bank of India for withholding complete data on electoral bonds, a scheme that allowed anonymous donations to political parties. The court had previously invalidated the scheme and instructed SBI to disclose all donation details from the past 5 years. Responding to a petition from the Election Commission, the Supreme Court criticized SBI for providing incomplete information and demanded that the bank also reveal electoral bond numbers. The five-judge bench led by Chief Justice DY Chandrachud emphasized the importance of transparency, stating that SBI must divulge the bond numbers as well.

During the hearing, Chief Justice Chandrachud questioned SBI's representation and emphasized the necessity of disclosing all relevant information. The court has scheduled the next hearing for March 18 and has directed SBI to clarify the lapse in sharing complete data. The revelation of electoral bond numbers is crucial for establishing the connection between donors and political parties. Introduced by the BJP government in 2018, electoral bonds were intended to provide a transparent alternative to cash donations. However, the Supreme Court invalidated the scheme last month on constitutional grounds and raised concerns about potential quid pro quo arrangements.

The court has urged SBI to cooperate fully with the Election Commission and disclose all details regarding the purchase and redemption of electoral bonds. The upcoming hearing will shed further light on the handling of electoral bond data and the implications for political funding transparency.

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Supreme Court  SBI