SC pulls up SBI for 'incomplete data' on electoral bonds
The Supreme Court on Friday pulled up the State Bank of India for not disclosing "complete data" on electoral bonds—which allowed individuals and businesses to donate anonymously to political parties. Hearing a petition by the Election Commission of India, an SC bench directed the bank to share electoral bond numbers—that will reveal the link between the donors and political parties.
Why does this story matter?
This comes a day after the ECI made public the data on electoral bonds provided by the bank. The information was uploaded on the poll panel's website, one day ahead of the Supreme Court's deadline. To recall, last month, the SC struck down the Electoral Bonds Scheme (EBS) for political funding, saying that it violates the citizens' right to information.
Data provided by SBI incomplete: CJI
During the hearing, a five-judge bench, headed by Chief Justice of India DY Chandrachud said that the data provided by thee SBI was incomplete. "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 CJI said.
SC's reprimand to SBI in poll bonds case
The SC has played a crucial role in the disclosure of poll bonds data. Earlier, it criticized SBI for not complying with the order to provide the data by March 6. The bank had sought an extension until June 2024, which was rejected by it. The SC then directed the SBI to provide all poll bonds details to the ECI by March 12.
2 documents uploaded on website
On Thursday, the ECI uploaded two documents on the poll bonds data. According to the data, 1,260 companies and people have bought 22,217 bonds worth Rs. 12,155.51 between 2019 and 2024. As many as 23 political parties have redeemed these bonds, the data adds. The Bharatiya Janata Party (BJP) redeemed bonds worth Rs. 6,061 crore.
