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
