State Bank of India requests SC to extend deadline to give information on electoral bonds

The State Bank of India (SBI), a public-sector bank, has requested the Supreme Court to extend the deadline for revealing the identities of buyers of electoral bonds from March 6 to June 30. This move has significant political implications as a June 30 deadline would result in disclosures after the general election. The CPM general secretary, Sitaram Yechury, raised concerns about the potential motive behind the extension, suggesting it might be aimed at protecting Prime Minister Modi and the BJP.

A constitution bench had earlier invalidated the electoral bonds scheme of 2018, which allowed anonymous donations to political parties. The Supreme Court instructed the SBI, issuer and redeemer of the bonds, to disclose the names of bond buyers to the Election Commission by March 6 for public release by March 13.

The SBI argued that decoding the electoral bonds and matching donors to donations would be a complex process due to stringent measures ensuring donor anonymity. Yechury expressed skepticism about the extension request, stating that in the digital age, obtaining such information should be easily accessible, raising suspicions about the bank’s intentions.

The SBI highlighted its adherence to a standard operating procedure (SOP) to protect donor anonymity, emphasizing the separation of data related to bond issuance and redemption. Each political party, according to the SBI, must maintain a designated account in authorized branches for depositing and redeeming electoral bonds. Upon redemption, the original bond and pay-in slip are sent to the SBI Mumbai Main Branch in a sealed cover.