In a recent plea before the Supreme Court, the State Bank of India (SBI) has sought an extension until June 30 to furnish information regarding electoral bonds to the Election Commission of India (ECI). The initial deadline, set for March 6, 2024, came following a landmark judgment by the Supreme Court, which struck down the electoral bonds scheme. Citing the complexity of the task, the SBI has requested additional time to comply with the court's directives.

The Supreme Court, in its unanimous verdict, declared the Electoral Bonds Scheme unconstitutional, citing violations of the right to information and the freedom of speech and expression under the Constitution. The scheme had allowed for anonymous funding to political parties, a practice deemed incompatible with democratic principles.

The court directed the SBI to disclose donor information from the interim order on April 12, 2019, to the judgment date on February 15, 2024. Within this period, a significant number of electoral bonds, specifically 22,217, were utilized to make contributions to various political parties.

In response to the court's decision, all banks were instructed to cease further issuance of electoral bonds, and the State Bank of India was specifically tasked with submitting details of electoral bonds purchased since April 12, 2019, to the Election Commission.

The court's ruling also addressed uncashed electoral bonds within the validity period of 15 days. It mandated that these bonds be returned by the political party or purchaser to the issuing bank, which, in turn, should refund the amount to the purchaser's account.

A significant aspect of the court's decision involved considering the yearly audit reports of political parties spanning from 2017-18 to 2022-23. These reports revealed donations received through electoral bonds on a party-wise basis.

According to the audit reports, out of the total Rs 12,000 crore mentioned, the Bharatiya Janata Party (BJP) emerged as the highest recipient, obtaining Rs 6,566.11 crore during this period. The Congress party received Rs 1,123.3 crore, while the Trinamool Congress (TMC) accumulated Rs 1,092.98 crore in its coffers over the same timeframe.