State Bank of India (SBI) has filed an application with the Supreme Court requesting an extension until June 30 to reveal specifics regarding each electoral bond cashed by political parties, according to PTI report. The bank argues that retrieving information from various data repositories and matching donor identities to their contributions is a time-intensive task due to the scheme's anonymity measures.
SBI has formally approached the Supreme Court on Monday, petitioning for an extension until June 30 to disclose the details of every electoral bond encashed by political entities. The application submitted by SBI highlighted the complexity of retrieving information from separate data silos and the meticulous process of matching donor identities to their respective contributions.
The bank contends that the stringent measures implemented to safeguard the anonymity of donors have resulted in a convoluted process of deciphering electoral bonds and correlating donors with their donations. According to the plea, donor information is securely maintained in sealed covers at designated branches, with all such covers deposited at the main Branch in Mumbai to ensure anonymity protection.
The plea follows a significant ruling by the apex court on February 15, which invalidated the electoral bonds scheme for political funding, citing violations of constitutional rights. In its verdict, the apex court directed SBI to disclose the names of contributors to the six-year-old scheme to the Election Commission ahead of the upcoming Lok Sabha elections.
A five-judge Constitution bench, led by Chief Justice D Y Chandrachud, mandated SBI to divulge comprehensive details of each electoral bond cashed by political parties. This information, inclusive of encashment dates and bond denominations, is to be submitted to the Election Commission by March 6, as per the court's directive.
The plea filed by SBI underscores the logistical challenges involved in complying with the Supreme Court's order within the stipulated timeframe, seeking an extension until June 30 to ensure thorough and accurate disclosure of electoral bond data.