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📰 Business News | Pankaj Dwivedi Demoted: Union Bank ED Stripped of Role, Reassigned to Punjab & Sind Bank

📍New Delhi | June 25, 2025

In a rare and high-profile reversal within India’s public sector banking ecosystem, the Ministry of Finance has officially removed Pankaj Dwivedi from his position as Executive Director (ED) of Union Bank of India, demoting him back to General Manager at Punjab & Sind Bank, a position he held before his controversial promotion.

The decision—formalised through a gazette notification issued by the Department of Financial Services (DFS)—has sent shockwaves through regulatory, banking, and policy circles.

⚖️ Why Was He Demoted?

The action stems from a pending legal challenge in the Delhi High Court, which questions the validity of Pankaj Dwivedi’s appointment as ED in March 2024. A Public Interest Litigation (PIL) alleges that Pankaj Dwivedi’s elevation was made without obtaining mandatory vigilance clearance, in violation of appointment norms in public sector banks.

In August 2024, a bench headed by then Acting Chief Justice Manmohan issued notices to the Union Government, Central Vigilance Commission (CVC), and Pankaj Dwivedi, seeking an explanation on the appointment.

🏛️ Official Statement

“The central government hereby cancels the appointment of Shri Pankaj Dwivedi as Executive Director, Union Bank of India,” the official DFS order stated. “He is reverted to his previous role of General Manager at Punjab & Sind Bank.”

👨‍💼 Who Is Pankaj Dwivedi?

Dwivedi is a public sector banker with over two decades of experience.

• Holds an MBA from Symbiosis Institute of Management Studies, Pune
• Is a Certified Associate of the Indian Institute of Bankers (CAIIB)
• Has completed executive training at IIM Raipur (Financial Risk) and IIM Bangalore (Leadership Development) under the Banks Board Bureau (BBB)

His credentials had positioned him as a rising leader in India’s PSU banking circuit until the legal challenge cast a shadow over his elevation.

📉 What It Means for Indian Banking

This case is being viewed as a litmus test for regulatory governance and appointment transparency in India’s public banking system. Analysts say the decision:

• Reinforces accountability in high-level bank appointments
• Highlights the importance of vigilance clearance as a non-negotiable standard
• Could delay or disrupt future PSU bank promotions pending stronger compliance norms

“This is not just about one person. It’s about reinforcing faith in institutional integrity,” said a senior public sector bank executive who wished to remain anonymous.

✅ Key Takeaways

• Pankaj Dwivedi, former ED at Union Bank of India, has been demoted following a legal challenge to his appointment.
• The move stems from an alleged violation of appointment protocols, including a lack of vigilance clearance.
• Dwivedi returns to his previous post as General Manager at Punjab & Sind Bank.
• The case is a landmark moment for governance, transparency, and due process in Indian public banking.

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