The five-judge SC bench, led by Chief Justice Chandrachud, noted that KYC details would be readily available with the bank. Consequently, the SBI is now mandated to disclose information on electoral bonds by the end of business hours the following day. The apex court has further directed the Election Commission of India (ECI) to publish this data on its website by no later than 5 PM on March 15.

As the Lok Sabha elections draw near, the Supreme Court has dismissed the State Bank of India's (SBI) plea for an extension until June 30 in the electoral bonds case, signalling a pivotal moment in the ongoing debate over transparency in political funding.

Jagdeep Chhokar, Founding Member & Trustee at the Association for Democratic Reforms (ADR), emphasised the need for simplicity in the electoral funding system. "The solution to the problem is extremely simple — all donations to political parties should be made digitally. If everything else can be done digitally, political parties can also accept donations digitally," Chhokar stated in an interview with CNBC-TV18.

The five-judge SC bench, led by Chief Justice Chandrachud, noted that KYC (know your customer) details would be readily available with the bank. Consequently, the SBI is now mandated to disclose information on electoral bonds by the end of business hours the following day. The apex court has further directed the Election Commission of India (ECI) to publish this data on its website by no later than 5 PM on March 15.

Chhokar noted that the introduction of electoral bonds in 2017 did not enhance the vibrancy or transparency of Indian democracy. He argued it added an extra layer of secrecy and legalised anonymity, making the existing system worse.

While the Supreme Court did not take immediate contempt action for the 'wilful disobedience' of its previous order, it warned of potential consequences for the SBI if the newly issued directions are not followed. The court had initially instructed the bank to provide details by March 6.

Senior Supreme Court advocate Sanjay Hegde highlighted SBI's attempt to secure an extension until June 30 as a ploy to delay information disclosure until after the Lok Sabha elections, avoiding political repercussions.

Hegde expressed concerns about the government's attitude towards Supreme Court judgments, emphasising the need for strict adherence to court-mandated processes. He characterised SBI's attempt to postpone the disclosure of information as a deliberate effort to obfuscate the transparency mandated by the Supreme Court.

In a parallel development, Congress leader Jaya Thakur has approached the Supreme Court to restrain the Union government from appointing new election commissioners. The plea advocates for a panel comprising the Prime Minister, the Leader of the Opposition, and the Chief Justice of India to decide such appointments.

This move follows the resignation of election commissioner Arun Goel, leaving only Chief Election Commissioner Rajiv Kumar in the three-member poll body.

Former Chief Election Commissioner Om Prakash Rawat dismissed concerns about the vacancies, stating that the President of India has the authority to appoint two more election commissioners. He assured that the election process would proceed smoothly, although he acknowledged potential challenges if new commissioners were unfamiliar with the election process.

Rawat reminisced about the period before 1993 when the Chief Election Commissioner alone announced election programmes. Since then, the three-member commission has taken on this responsibility, overseeing transparent, free, and fair conduct of elections in India.