SBI electoral bonds data submitted to Election Commission a day after Supreme Court rebuke

The SBI submits electoral bonds data to the Election Commission a day after the Supreme Court's rap. The top court had earlier ordered disclosure of electoral bond details by March 12.

Written By Sayantani Biswas
Updated12 Mar 2024
The State Bank of India has submitted details of electoral bonds to the Election Commission of India.
The State Bank of India has submitted details of electoral bonds to the Election Commission of India.

The State Bank of India (SBI) on March 12 submitted all data on electoral bonds to the Election Commission of India in compliance with the Supreme Court's order. The country's largest lender had earlier sought an extension of the deadline from the apex court, until June 30, to disclose the details of electoral bonds. 

Also Read: SBI readies documents on Electoral Bonds as Supreme Court's March 12 deadline closes in

The SBI has issued electoral bonds worth 16,518 crore in 30 tranches since the inception of the scheme in 2018.

Also Read: Why the scheme was scrapped, what SC said and more

Chastising the SBI, the Supreme Court on Monday ordered the bank to disclose the details of the electoral bonds encashed by political parties to the Election Commission by the close of business hours on March 12. 

In a landmark verdict, a five-judge bench of the Supreme Court of India had scrapped the controversial electoral bonds scheme, terming it ‘unconstitutional’. 

Also Read: SC Bar Association writes to President Murmu amid electoral bonds row

Ordering the closure of the scheme, the top court had directed the SBI to submit by March 6 the details of the electoral bonds purchased since April 12, 2019, till date to the Election Commission.

Notably, the SBI is the only authorised financial institution under the Centre's electoral bonds scheme that allows anonymous political funding. 

Further, the Supreme Court has also directed the Election Commission to publish the information shared by the bank on its official website by 5 pm on March 15.

The SBI had said the retrieval of information on electoral bonds from "each silo" and the procedure of matching the information of one silo to that of the other would be a time-consuming exercise.

Opposition leaders hailed the Supreme Court judgement and claimed that the Prime Minister Narendra Modi-led government's implementation of the Citizenship Amendment Act (CAA) on March 11 was an attempt to divert the country's attention from the electoral bond scheme.

SCBA seeks President Murmu's interference

Meanwhile, the Supreme Court Bar Association (SCBA) chief Adish C Aggarwala has asked President Droupadi Murmu to seek presidential reference of the apex court judgement in the electoral bonds scheme case. 

Aggarwala, in his letter to President Murmu, said, “Revealing the names of corporates that had contributed to different political parties would render the corporates vulnerable for victimization.”

The bar body leader urged President Murmu to seek presidential reference in the electoral bonds case so that the entire proceedings could be reheard and complete justice could be done to “Parliament of India, political parties, corporates and the general public”.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeNewsIndiaSBI electoral bonds data submitted to Election Commission a day after Supreme Court rebuke

Most Active Stocks

Indus Towers

334.00
10:29 AM | 19 JUN 2024
-9.9 (-2.88%)

Bharat Electronics

309.30
10:26 AM | 19 JUN 2024
-8.95 (-2.81%)

HDFC Bank

1,658.00
10:24 AM | 19 JUN 2024
49.25 (3.06%)

Tata Steel

180.05
10:25 AM | 19 JUN 2024
-1.1 (-0.61%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Alok Industries

29.50
10:27 AM | 19 JUN 2024
2.15 (7.86%)

Jubilant Ingrevia

554.95
10:16 AM | 19 JUN 2024
39.85 (7.74%)

Triveni Engineering & Indus

413.75
10:29 AM | 19 JUN 2024
28.85 (7.5%)

Shree Renuka Sugars

51.22
10:29 AM | 19 JUN 2024
3.47 (7.27%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,281.000.00
    Chennai
    72,711.000.00
    Delhi
    73,495.000.00
    Kolkata
    73,566.000.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanGet App