SBI urges Supreme Court to extend deadline for furnishing data on electoral bonds

The State Bank of India (SBI) on Monday urged the Supreme Court to extend the deadline till June 30 to provide information regarding electoral bonds to the Election Commission of India (ECI).

The initial deadline for SBI to furnish all relevant information to the Election Commission was set for March 6, 2024, after the top court, in a landmark judgment, struck down the electoral bonds scheme.

However, citing the complexity of the task at hand, the central bank has sought additional time to comply with the court’s directives.

The Supreme Court had earlier directed the SBI to disclose the donor information, spanning from the interim order on April 12, 2019, to the judgment date on February 15, 2024. Within this period, a significant number of electoral bonds — specifically, 22,217 — were utilised for making contributions to various political parties.

The Supreme Court struck down the electoral bonds scheme, saying it violates the right to information and the freedom of speech and expression under the Constitution.

The top court delivered a unanimous verdict on a batch of pleas challenging the legal validity of the central government’s electoral bonds scheme, which allowed for anonymous funding to political parties.

All banks were asked to stop further issuance of electoral bonds and the State Bank of India (SBI) was asked to submit details of electoral bonds purchased to date since April 12, 2019, to the Election Commission.