The Supreme Court has dismissed SBI's application for extension of time in the electoral bonds case

The Supreme Court of India has dismissed SBI's application for extension of time in the electoral bonds case, addressing the contentious issue of electoral bonds' transparency and impact on the democratic process.

The State Bank of India introduced the electoral bonds scheme in 2018, allowing anonymous donations to political parties. These bonds can be purchased from specific branches and redeemed by parties within a specified period. Critics argue this lacks transparency and facilitates unaccounted money in politics.

The Supreme Court has dismissed SBI's application for extension of time in the electoral bonds case

The dismissal of SBI's extension request is due to a PIL filed by an NGO, which challenges the electoral bonds scheme, arguing that it lacks transparency and accountability, undermining democracy principles, and causing concerns.

The Supreme Court's decision not to extend the SBI's extension to electoral bonds highlights the need for transparency in the electoral process. The dismissal of the application demonstrates the court's commitment to addressing petitioners' concerns and ensuring transparency in political funding. Advocates for electoral reform and transparency in political funding view this decision as a positive step towards holding political parties accountable for their funding sources.

The Supreme Court in India has ruled in favor of the electoral bonds scheme, a legal mechanism that allows individuals and corporations to contribute to political parties without fear of reprisal or intimidation. The scheme, which promotes political participation and freedom of expression, is expected to be a significant issue in the upcoming assembly elections in India. The Supreme Court's decision will have significant implications for the future of political funding in India and the integrity of the electoral process.