In a significant development that could reshape the transparency landscape of political funding in India, the Supreme Court on Friday directed the State Bank of India (SBI) to furnish the complete details of electoral bond transactions, including the full money trail, to the Election Commission of India (ECI).
A bench led by Chief Justice D.Y. Chandrachud expressed dissatisfaction with the “incomplete” disclosure made by SBI earlier this year, observing that the details provided obscured the source of funds and their eventual political beneficiaries. The court made it clear that piecemeal disclosure would not serve the principle of transparency in electoral financing.
“Citizens have a right to know who is funding political parties. Clean elections form the foundation of democracy,” the court observed while directing SBI to submit a fresh and comprehensive affidavit outlining purchasers of bonds, denominations, dates of purchase, as well as the corresponding details of encashment by political parties.
The matter reached the apex court following complaints from opposition parties and civil society groups that the partial data released earlier—under the court’s orders—was inadequate to understand the nexus between corporate donors and political parties. Critics had alleged that crucial transaction trails linking purchases to recipients were either omitted or presented in a fragmented manner.
The ruling is likely to have far-reaching political consequences, especially as the country prepares for a cycle of key state elections later this year. The Election Commission, which is tasked with collating and making this information public, has welcomed the order, stating that “transparency in political funding is essential to uphold the democratic mandate.”
SBI has sought additional time to compile the detailed records, citing the complexity of retrieving old transactional data, but the bench has set a firm deadline, warning the bank against any further delay.
Political reactions poured in soon after the hearing. The opposition hailed the court’s directive as a “victory for democracy and accountability,” while the ruling dispensation maintained that the electoral bond scheme was introduced to sanitize political funding and curb cash-based donations.
With the spotlight back on electoral funding, the forthcoming disclosures could trigger fresh debates on the nexus between big money and politics in India’s electoral process.
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