The State Bank of India (SBI) has petitioned the Supreme Court for an extension of the March 6 deadline to provide information regarding electoral bonds to the Election Commission. In its plea filed before the apex court, the SBI, as the sole issuer of these anonymous donation instruments, argued that the allocated three-week timeframe would not suffice for completing the exhaustive task.Challenges Faced by SBIThe bank highlighted the intricate nature of the process, emphasizing the complexities involved in decoding electoral bonds while ensuring donor anonymity. It explained that due to stringent measures, donor details were stored separately from bond issuance and redemption data. This decentralized approach aimed to safeguard donor confidentiality, with donor information sealed and stored in designated branches before being deposited at the main branch in Mumbai.Request for Deadline ExtensionSeeking additional time, the SBI proposed extending the deadline to June 30 to facilitate thorough data compilation and submission.Background and Legal ImplicationsLast month, the Supreme Court invalidated the electoral bonds scheme, delivering a significant setback to the BJP-led government. The ruling mandated the SBI to disclose comprehensive details of each encashed electoral bond, including encashment dates and bond denominations, to the Election Commission. Widely perceived as a blow to the ruling party, critics welcomed the verdict, particularly in light of the upcoming 2024 Lok Sabha elections.Continued Political Funding OpportunitiesWhile the electoral bonds scheme faced legal scrutiny, its essential to note that there are currently no restrictions on political funding amounts, which can still occur through alternative channels.The SBIs appeal for an extension underscores the intricate challenges associated with electoral bond data disclosure. As legal proceedings unfold, the outcome will not only impact transparency in political funding but also shape the landscape of electoral financing in India.
