SBI refused to disclose SOP for Electoral Bonds

In a response to RTI request, the State Bank of India has refused to divulge the details of Standard Operating Procedures (SOPs) related to the sale and redemption of now-scrapped electoral bonds scheme. 

Noted activist Anjali Bhardwaj filed an RTI to seek information about the SOPs, but the SBI cited an exemption under “commercial confidence” for non-disclosure. The Supreme Court had earlier pulled the country’s largest lender for the delay in sharing details of electoral bonds with the Election Commission of India.

The top court on February 15 had announced a historic verdict scrapping the poll bonds scheme. The bench – headed by Chief Justice of India DY Chandrachud said the scheme was unconstitutional and arbitrary, adding it may lead to a quid pro quo arrangement between political parties and donors. 

The court had ordered the bank to disclose all particulars of the bonds, including buyer names and purchase dates within a stipulated time. SBI had appealed in the court and asked for over a month’s time for the disclosure. The court came heavily on the bank and asked it to reveal the details by March 17.

This refusal of bank to disclose the SOPs raises concerns about SBI’s transparency. SBI’s stance on non-disclosure may face further challenges as activists plan to appeal the decision.

It looks the controversy surrounding the electoral bonds scheme is not going to die down soon as the sale and redemption of the bonds remain to be a point of contention in India’s political landscape.