In a significant development, the State Bank of India (SBI) has meticulously complied with the directives of the Supreme Court and submitted comprehensive information regarding electoral bonds to the Election Commission of India (ECI). The submission includes unique alphanumeric codes and serial numbers associated with these bonds.
Background
The saga began when the Supreme Court, in its April 12, 2019 interim order, instructed the SBI to reveal all details related to electoral bonds purchased or redeemed. The court emphasized that this disclosure should encompass not only the monetary transactions but also the specific alphanumeric identifiers of each bond. The objective was to enhance transparency and accountability in the electoral process.
SBI’s Compliance
Facing scrutiny, the SBI promptly acted upon the court’s instructions. Today, the bank handed over a comprehensive dossier to the Election Commission, detailing every electoral bond transaction. This meticulous record includes the following:
- Serial Numbers: The unique identifiers assigned to each electoral bond.
- Purchase and Redemption Details: A complete account of when these bonds were acquired and when they were redeemed.
Supreme Court’s Stance
The five-judge Constitution Bench, presided over by Chief Justice of India D. Y. Chandrachud, expressed its displeasure at the bank’s initial “selective disclosure.” The court clarified that the SBI was obligated to provide a complete and unambiguous account of all relevant information. This encompasses not only the monetary aspects but also the alphanumeric codes and serial numbers associated with the bonds.
Implications
The submission of these details to the Election Commission is a significant step toward ensuring transparency in political funding. By making the electoral bond process more accessible and accountable, citizens can better understand the financial aspects of political campaigns.
As the Lok Sabha elections of 2024 approach, this development assumes even greater importance. Voters deserve clarity on the financial mechanisms that influence our democratic processes.
The State Bank of India’s cooperation with the Election Commission underscores the critical role financial institutions play in maintaining the integrity of our electoral system. It is a reminder that transparency and public trust are essential pillars of a vibrant democracy.
