SBI electoral bonds

SBI Faces Supreme Court Battle Over Electoral Bond Disclosure

Supreme Court to hold special sitting on SBI's request for extension on disclosing electoral bond details. Stay tuned for updates!

The State Bank of India (SBI) is currently embroiled in a legal battle with the Supreme Court regarding the disclosure of electoral bond details. The bank has requested an extension until June 30 to reveal information on each electoral bond encashed by political parties. A five-judge constitution bench, led by Chief Justice of India D Y Chandrachud, will also address a contempt plea by ADR alleging intentional delays by the SBI.

In a surprising turn of events, 79 former civil servants from the Constitutional Conduct Group have urged the Election Commission to push SBI to provide electoral bond information promptly. The controversy surrounding the electoral bonds scheme has escalated, with the Supreme Court scrapping the Centre's scheme of anonymous political funding on February 15, deeming it unconstitutional.

As tensions rise, the SBI faces accusations of shielding the Centre from criticism by delaying the disclosure of crucial electoral bond details. Concerned about transparency, the former civil servants have even called on the Election Commission to withhold scheduling the 2024 general elections until the bank complies with the information request.

In a dramatic development, the Supreme Court will convene a special sitting to hear SBI's plea for an extension in the electoral bonds case. The outcome of this legal battle will have far-reaching implications on political funding transparency and accountability in India.