- SBI rapped for ‘disobedience’ in not complying with previous order
- SBI had requested extension citing time-consuming nature of process
AMN
In a major ruling the Supreme Court today ordered the State Bank of India (SBI) to submit electoral bond donor details to the Election Commission of India (EC) by tomorrow, March 12, dismissing the lender’s petition seeking more time to do the same.
Observing that the petitioner’s submissions indicate that all information is “readily available”, the top court said, “SBI is directed to disclose the details by the close of business hours [on] March 12, 2024. EC shall compile the information and publish the details in its official website no later than by March 15, 2024 by 5 pm.
The five-judge bench led by Chief Justice of India (CJI) DY Chandrachud also rapped SBI for its “disobedience” in not complying with its previous order to furnish all details of electoral bond purchases to the EC by March 6, and delaying the process.
During the hearing, the Bench asked the SBI to explain the steps taken so far to ensure disclosure of details of electoral bonds encashed by political parties.
Salve said the SBI would need some more time to furnish details since they were initially told that the process was secret before the court struck down electoral bonds scheme.
“We are trying to collate the info and we are having to reverse the entire process. We as a bank were told that this is supposed to be a secret,” Salve said.
“Please tell what matching you have done in the last 26 days?” the CJI asked Salve, who offered to file a detailed affidavit.
“There is a degree of candour expected from the SBI as to this is the work which was expected …,” said the CJI who was apparently not convinced.
For every purchase of electoral bonds, there was compliance with Know Your Customer (KYC) process due to which the bank would already be in possession of the details of electoral bonds’ purchasers, the Bench pointed out.