“Release all conceivable data": SC directs SBI to disclose all electoral bonds data, including the alphanumeric numbers corresponding with each bond by Thursday

The Supreme Court on Monday directed the State Bank of India to reveal all “conceivable data” in connection with the electoral bonds, including the alphanumeric numbers corresponding with each bond by 5 pm on Thursday. This comes a day after the Election Commission of India released the latest round of data submitted to it by the SBI that included the issuance date, fund denomination, and number of bonds, however, it did not have the date on the bond numbers that are key for tracing the donors to the recipients.

“There is no manner of doubt that the SBI is required to furnish all details available with it. This, we clarify; will include the alphanumeric number and serial number, if any, of the bonds purchased. In order to avoid any controversy in the future, the chairperson of the bank should file an affidavit by 5 PM on Thursday that it has disclosed all details in its custody and that no details have been withheld,” observed the apex court in its ruling.

The electoral bonds scheme first introduced in 2018 was a significant avenue for political funding that enabled the donors to contribute anonymously via certificates bought from SBI. However, the Supreme Court recently deemed the scheme unconstitutional, asserting it undermined voters' rights to transparency regarding party financing.

The apex Court had then instructed the State Bank of India to disclose all details of the electoral bond donors, the donation amounts and the recipients by March 13, and had directed the Election Commission to publish all data on its website by March 15. Despite the SBI's plea for an extension until June 30, citing practical challenges, the Supreme Court dismissed the request, mandating SBI to provide the information by March 12. SBI complied by submitting a compliance affidavit after transferring all the electoral bonds data to the Election Commission.

The Election Commission then released two sets of data on Thursday, one detailing the chronological record of bond purchases by the companies and the other outlining the record of deposits made by the political parties upon redeeming the bonds. However, the Supreme Court had then rapped the SBI for incomplete disclosure and issued a notice to SBI seeking its response by Monday. “Who is appearing for the SBI? They have not disclosed the bond numbers. It has to be disclosed by the State Bank of India...All details have to be published by the State Bank of India,” said CJI DY Chandrachud.

The Election Commission on Sunday released the new data that contained the date of issuance, fund denomination, number of bonds and the branch of the SBI from which the bond was purchased. The new round of data also included the dates of receipt and credit in the bank accounts of the various political parties, but it did not contain the alphanumeric numbers that are key for tracing the donors of the recipients. “The SBI's attitude seems to be 'you tell us what to disclose, we will disclose'. That does not seem to be fair. When we say "all details", it includes all conceivable data," noted CJI DY Chandrachud on Monday, directing the bank to disclose “all data” by 5pm on Thursday.​​