The State Bank of India (SBI) has reportedly compiled the necessary documents pertaining to electoral bonds, in compliance with the Supreme Courts directive. The nationalized bank had sought an extension until June 30 to disclose these documents, a request that was rejected by the apex court. The Supreme Court has mandated that SBI reveals the details concerning electoral bonds on March 12, today.Confirming their readiness, SBI is set to submit the comprehensive information on electoral bonds to the Supreme Court later today. The move follows a landmark judgment by the Supreme Courts five-judge bench, which declared the electoral bond scheme unconstitutional on February 15, deeming it controversial. SBI, being the sole authorized financial institution under this scheme, is instrumental in providing crucial insights into its functioning.As part of the order to close the scheme, the Supreme Court instructed SBI to submit details of electoral bonds purchased from April 12, 2019, until the present date to the Election Commission by March 6. Despite SBIs plea for an extension on Monday, the apex court dismissed it and mandated the bank to disclose the electoral bond details by the close of business hours on March 12.The State Bank of India had cited the time-consuming nature of retrieving information from different sources and the intricate matching process between silos as challenges. During the hearing, the five-judge constitution bench led by Chief Justice D Y Chandrachud expressed concerns about the lack of clarity in SBIs plea regarding the steps taken to comply with the courts directions.The Supreme Courts judgment was met with acclaim from opposition leaders in India, who asserted that the Modi governments implementation of the Citizenship Amendment Act on March 11 was a deliberate attempt to divert public attention from the electoral bond scheme.
