SBI Requests Supreme Court To Extend Deadline for Furnishing Data on Electoral Bonds

New Delhi: The State Bank of India (SBI) has approached the Supreme Court requesting an extension until June 30 to furnish details on electoral bonds to the Election Commission (EC). This comes after the apex court, in a landmark judgment last month, struck down the electoral bond scheme and directed SBI to submit the information by March 6.

The Supreme Court’s verdict deemed the electoral bond scheme unconstitutional and susceptible to fostering quid pro quo arrangements between political parties and donors.

Citing a violation of citizens’ right to information, Chief Justice of India DY Chandrachud termed the scheme opaque and arbitrary.

The court’s order mandated SBI to cease issuing electoral bonds and provide details of past donations facilitated through this scheme to the EC. The poll body was subsequently directed to publish this information on its website by March 13.

A five-judge Constitution bench concluded that the purported objectives of tackling black money and preserving donor anonymity could not justify the scheme’s existence. The court emphasized that electoral bonds were not the sole solution to curbing black money in the political system.