Despite facing scrutiny from the Supreme Court over the electoral bonds issue, the State Bank of India (SBI) has declined to share details of the Standard Operating Procedures (SOPs) related to the sale and redemption of bonds under the now-defunct scheme. Transparency activist Anjali Bhardwaj had sought this information through a Right To Information (RTI) petition, but SBI cited Section 8(1)(d) of the RTI Act, stating that the SOPs are internal rules exempt from disclosure.
Critics argue that SBI’s refusal to disclose the guidelines lacks transparency and accountability. Bhardwaj plans to challenge the rejection, emphasizing that SBI has not demonstrated how revealing the information would harm any third party’s competitive position. This development follows the Supreme Court’s admonishment of SBI for delaying the sharing of electoral bond details with the Election Commission of India.
In February, the Supreme Court invalidated the electoral bonds program, citing concerns about transparency and the potential for quid pro quo arrangements between donors and political parties. The court ordered SBI to disclose the bond details within two days, rejecting the bank’s request for a three-month extension. Despite subsequent criticisms from the court, SBI eventually released the information and affirmed its compliance with the court’s directives.
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