Sparking widespread debate, the State Bank of India (SBI) has approached the Supreme Court with a plea to postpone the deadline for disclosing details about electoral bonds to the Election Commission until June 30.
This request comes in the wake of a landmark decision by the Supreme Court last month, which saw the end of the electoral bonds scheme, citing its infringement on the public's right to information.
The scheme, introduced in 2018, aimed to clean up political funding by allowing anonymous donations to political parties, a method that was criticised for its lack of transparency.
The Supreme Court's ruling emphasised the scheme's potential to facilitate undisclosed quid pro quo arrangements between donors and political parties, declaring it unconstitutional and arbitrary.
It ordered the cessation of the issuance of these bonds and mandated that the SBI furnish the Election Commission with records of donations made through the scheme by March 6, with the commission expected to make this information public by March 13.
The electoral bonds initiative, touted as a measure against black money in politics, has been under scrutiny since its inception.
Former Finance Minister Arun Jaitley had argued that traditional political funding methods were opaque, with donations often made in cash and donor identities either anonymous or pseudonymous.
However, the confidentiality clause of the electoral bonds scheme, intended to protect donor identities, has been challenged for compromising the citizen's right to information, leading to legal challenges from political parties and non-profit organisations.
The SBI's request for an extension has ignited a political firestorm, with Congress leader Rahul Gandhi accusing the bank of attempting to shield Prime Minister Narendra Modi's "real face" ahead of the upcoming Lok Sabha elections.
CPI(M) General Secretary Sitaram Yechury and Congress general secretary in-charge of communications Jairam Ramesh have also expressed their concerns, suggesting that the delay in disclosing electoral bond information could serve to protect the interests of the ruling party and undermine justice.
As the debate continues, the Supreme Court's response to SBI's request will be keenly awaited.
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