Mumbai: SBI’s Request for Extension in Disclosing Electoral Bonds Details Raises Questions.
In an era dominated by digital advancements, it raises eyebrows that the State Bank of India (SBI) is requesting an additional four months to provide details on a limited number of corporate entities that contributed funds to political parties, with a notable focus on the Bharatiya Janata Party (BJP). The need for such an extended timeline, especially in the context of computerized processes, prompts scrutiny and invites questions about the efficiency and transparency of the electoral funding disclosure system.
In the ongoing electoral bond case, the State Bank of India (SBI) has petitioned the Supreme Court for an extension just as the court’s specified window closes, raising eyebrows regarding its timing and implications.
The SBI’s plea for additional time until June 30, 2024, to disclose comprehensive details of electoral bonds, including names, dates, amounts, purchasers, and redeemers, has sparked concerns. The bank attributes the delay to the processing of 44,434 sets of information related to bonds purchased and redeemed since the scheme’s inception, citing the complexity of handling two distinct “information silos.”
This development is noteworthy given the Supreme Court’s previous directive to halt the issuance of electoral bonds and furnish complete details from April 12, 2019, to March 6, 2024, with the information slated for public disclosure on March 13, 2024. SBI’s last-minute request has led to speculation about its motivations and potential implications for the transparency of political funding.
The government’s Electoral Bonds scheme, initiated in 2018, faced legal scrutiny, resulting in the Supreme Court declaring it in violation of voters’ fundamental rights to information on February 15, 2024. The subsequent order mandated SBI to provide the specified details within the stipulated timeframe.
The timing of SBI’s request, just before the court-imposed deadline, has prompted questions about the bank’s independence and the motivations behind seeking an extension. With electoral bonds contributing over Rs 12,000 Crores, and the BJP reportedly receiving more than Rs 6,500 Crores, the case has significant implications for political transparency and accountability.
The perception that SBI’s request aligns with the NDA government’s interests, particularly during an election year, adds a layer of complexity to the situation. Whether the Supreme Court grants the extension and how this development influences public perception remains to be seen, but it is evident that SBI’s image has faced scrutiny due to its involvement in this electoral funding controversy.
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