Union Bank Executive Director Pankaj Dwivedi demoted to general manager; Here's why

The central government has demoted Pankaj Dwivedi from his post as Executive Director (ED) of Union Bank of India to General Manager (GM) amid an ongoing court case challenging the legality of his appointment.

In a gazette notification issued by the Department of Financial Services under the Ministry of Finance, the government said it had cancelled Dwivedi’s appointment as ED, which was made via a notification dated March 27, 2024.

He has been reverted to his previous role as General Manager at Punjab & Sind Bank.

The unusual move comes amid a public interest litigation (PIL) pending before the Delhi High Court, which questions the appointment of Dwivedi in the absence of vigilance clearance.

A bench led by the then Acting Chief Justice Manmohan issued notices in August 2024 to the central government, the Central Vigilance Commission (CVC), and Dwivedi, seeking clarification on the regulatory breach.

The court had taken note of procedural lapses in the appointment process, prompting the government to act, reported PTI, citing people familiar with the matter.

Meanwhile, shares of Union Bank of India were trading at ₹145.10 apiece on the National Stock Exchange at 11:40 am, down 1.37% from the previous close.

Dwivedi, who has more than three decades of banking experience, took over as ED of Union Bank of India in March 2024. Before that, he served as GM at Punjab & Sind Bank, handling diverse portfolios including corporate credit, retail lending, foreign exchange, and treasury operations.

He is a certified associate of the Indian Institute of Bankers and holds a management degree from Symbiosis, Pune.