Supreme Court rejects SBI's plea, sets deadline for submission of Electoral Bond details

In a significant development the Supreme Court on Monday dismissed the State Bank of India's (SBI) plea for an extension and mandated the submission of Electoral Bond details to the Election Commission by the close of business on March 12, Tuesday. The apex court further directed the Election Commission to make the information publicly available on its website no later than 5 pm on March 15.

The rejection of SBI's request for additional time intensifies the scrutiny surrounding the transparency of Electoral Bond transactions. The court's decision underscores the urgency and importance of revealing these details in a timely manner.

The State Bank of India, being the country's largest bank, was seeking an extension to provide the Electoral Bond specifics. However, the Supreme Court's firm directive compels the bank to comply with the deadline, ensuring swift disclosure of crucial information related to political funding.

The Election Commission, in turn, has been instructed to promptly publish the Electoral Bond details on its official website by March 15, 5 pm. This move aligns with the court's commitment to transparency in the electoral process and the disclosure of financial contributions.

The order comes amidst heightened discussions and debates on electoral funding, with a particular focus on the Electoral Bond system. The apex court's decision reinforces the imperative for financial transparency in political processes, marking a pivotal moment in the ongoing discourse surrounding electoral funding mechanisms in the country.