Bank Union Opposes SBIs Delay in Disclosing Electoral Bond Details

Following the objections raised by opposition parties, a national bank union has joined the chorus of voices speaking out against the State Bank of India (SBI). The union is seeking more time from the Supreme Court for SBI to submit details of donors and political beneficiaries associated with the now-annulled electoral bonds scheme.

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Bank Employees Federation of India's Stance

In a strongly worded statement issued on Wednesday, Hari Rao, the general secretary of the Bank Employees Federation of India (BEFI), expressed the federation's unequivocal opposition to the utilization of banks for political purposes. Rao emphasized that SBI, as a public sector bank, should disclose and submit all the details of electoral bonds to the Election Commission, as directed by the apex court. He stressed that delayed justice amounts to denial of justice.

SBI's Extension Request

On Monday, SBI approached the Supreme Court seeking an extension until June 30 to disclose details of each electoral bond encashed by political parties. This request came after the apex court's verdict last month, which directed SBI to furnish the details to the Election Commission of India by March 6.

Political Reactions

The electoral bonds scheme has drawn criticism from various political leaders. Congress chief Mallikarjun Kharge has accused the Bharatiya Janata Party (BJP) of using SBI as a shield to conceal dubious dealings through electoral bonds. He highlighted the disproportionate distribution of electoral bonds, with the BJP receiving a significant share compared to other political parties.

Concerns Raised by BEFI

BEFI leader Rao expressed surprise over SBI's reasoning that some data is stored in physical form and kept in sealed covers. He questioned this practice in the digital era, particularly in the banking sector, where most information is readily accessible. Rao also expressed concern about the use of public sector banks and their personnel for narrow political interests, citing examples such as the observance of the Partition Horrors Remembrance Day and the Viksit Bharat Sankalp Yatra.

The BEFI's opposition to SBI's handling of electoral bond details adds to the growing pressure on the bank. The Supreme Court's landmark judgment annulling the electoral bonds scheme has raised serious questions about its legality and transparency. As the apex court prepares to hear SBI's petition, the bank faces the challenge of addressing these concerns and complying with the court's directives.