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SBI appeals to Supreme Court: Seeks extension of March 6 deadline for electoral bonds data submission

In a bid to secure additional time, SBI has filed an urgent plea with the Supreme Court, citing the need for more time to compile and furnish the necessary data.

Nitin Kumar Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: March 04, 2024 20:49 IST
SBI
Image Source : PTI State Bank of India (SBI) and Supreme Court building.

The State Bank of India (SBI) has approached the Supreme Court, requesting an extension of the March 6 deadline for submitting data related to Electoral Bonds. Last month, the Supreme Court directed SBI to furnish the details to the Election Commission by March 6 as part of its verdict on the electoral bond scheme.

Time-consuming retrieval process

In its application to the Supreme Court, SBI argued that retrieving information from different sources and matching data would be a time-consuming process due to the complexity of the electoral bond system.

Anonymity protection measures

SBI emphasised that maintaining the anonymity of donors was a priority, leading to the segregation of data into separate "silos" for issuance and redemption of electoral bonds.

Central database absence

The bank clarified that no central database was maintained to ensure donor anonymity, and donor details were securely sealed and stored at designated branches.

Landmark verdict impact

The Supreme Court's landmark verdict on February 15 annulled the electoral bond scheme, emphasizing the violation of constitutional rights. The court ordered SBI to disclose contributors' names to the Election Commission.

Disclosure directive

As per the court's directive, SBI must reveal details of each electoral bond encashed by political parties, including the date and denomination, to the Election Commission by March 6.

Also read | RBI bars IIFL Finance from disbursing gold loans; flags supervisory concerns

 

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