The Supreme Court of India on Monday has directed the State Bank of India (SBI) to unveil comprehensive details concerning electoral bonds, a system facilitating donations to political parties by individuals and corporations. 

The court's decision comes as a significant stride towards enhancing transparency and accountability in political funding, a critical aspect of democratic governance.

Under the directive, SBI Chairman has been mandated to submit an affidavit by 5 pm, Thursday, March 21, disclosing all pertinent information regarding electoral bonds without any suppression. 

This includes the alphanumeric and serial numbers of bonds, alongside details of purchases and redemptions. The Election Commission has been tasked with promptly publishing these details on its website upon receipt from SBI, ensuring widespread accessibility and scrutiny.

Chief Justice of India DY Chandrachud emphasized the unequivocal nature of the judgment, stressing the necessity for full disclosure without any selective omissions. "Every conceivable detail should be disclosed," the Chief Justice iterated, underscoring SBI's obligation to comply with the court's verdict in its entirety.

The Supreme Court's scrutiny of electoral bond disclosures stems from previous concerns regarding incomplete information provided by SBI. The court had earlier admonished the bank for failing to disclose bond numbers, crucial for tracing the linkage between donors and recipients. Noting this lapse, a five-judge bench issued a notice to SBI, prompting the bank to explain its shortcomings.

This recent directive builds upon previous judicial interventions aimed at fostering transparency in political funding. In an interim order issued on April 12, 2019, the Supreme Court had mandated political parties to submit information about donations received and expected to the Election Commission in sealed covers, highlighting the judiciary's commitment to upholding democratic principles.

The apex court's landmark ruling on February 15, 2024, had invalidated the Centre's electoral bonds scheme, labeling it "unconstitutional" due to its provision for anonymous political funding. The court had ordered the Election Commission to disclose donor details, donation amounts, and recipients by March 13, 2024, further underscoring the imperative for transparency in political finance.

Case: Association for Democratic Reforms and Anr vs Union of India Cabinet Secretary and ors.