The Association for Democratic Reforms (ADR) has initiated legal proceedings against the State Bank of India (SBI) for failing to adhere to the Supreme Court's directive regarding the disclosure of electoral bond details. 

The move comes after the SBI sought an extension beyond the court-mandated deadline, citing practical challenges in decoding and disclosing the information.

In a unanimous decision last month, a Constitution Bench of the Supreme Court invalidated the Electoral Bonds Scheme and instructed the SBI to furnish details of political parties receiving contributions through electoral bonds since April 2019 to the Election Commission of India (ECI). Additionally, the SBI was directed to disclose specifics of each electoral bond encashed by political parties by March 6, 2024.

However, the SBI's application for an extension until June 30, submitted just before the deadline, has raised eyebrows. The bank attributed the delay to the complexity of decoding electoral bonds while ensuring donor anonymity. It claimed that maintaining records across various branches and silos posed significant challenges.

ADR has swiftly responded by filing an application seeking contempt of court action against the SBI. The organization has accused the bank of deliberate disobedience and defiance of the Supreme Court's ruling. 

Moreover, ADR has questioned the validity of SBI's claims, arguing that the bank possesses the necessary records, including unique bond numbers and purchaser KYC details, to fulfill the disclosure requirements.

The delay in disclosing electoral bond details has sparked concerns regarding transparency and accountability in political funding, especially in the lead-up to the upcoming Lok Sabha elections. ADR alleges that the SBI's eleventh-hour application aims to conceal donor identities and donation amounts from the public.

Furthermore, ADR contends that the electoral bond scheme, introduced through the Finance Act, 2017, has facilitated unchecked funding of political parties. The Supreme Court's decision to quash the scheme underscores the need for greater scrutiny and regulation of electoral financing.

In light of these developments, ADR's legal action seeks to uphold the integrity of democratic processes and hold institutions accountable for ensuring transparency in political funding. The organization emphasizes the importance of timely and comprehensive disclosure to safeguard the principles of democracy and fair electoral practices.