SBI complies with SC order, sends electoral bond data to ECI

In adherence to the Supreme Court's directive, the State Bank of India (SBI), the nation's largest lender, has transmitted electoral bond data to the Election Commission of India (ECI) on March 12, as reported by Bar and Bench. This action follows the apex court's ruling on March 11, instructing the ECI to publish all electoral bond data on its website by March 15, 2024, for public scrutiny.

The Supreme Court's decision on March 11 denied SBI's plea for an extension until June 30, 2024, to disclose details pertaining to electoral bonds encashed by political parties, including the encashment date and denomination. Instead, the court directed SBI to reveal these details by the close of business hours on March 12.

The apex court's order mandated SBI to furnish the Election Commission with particulars regarding the bonds encashed by political entities, underscoring that failure to comply with the stipulated deadlines could result in consequences for the bank, including potential legal action for "wilful disobedience."