June 25, 2025: In a rare move, the central government has demoted Pankaj Dwivedi, Executive Director (ED) of Union Bank of India, back to his previous post as General Manager (GM) in Punjab & Sind Bank. This decision was officially communicated via a gazette notification by the Department of Financial Services under the Ministry of Finance.
Dwivedi’s appointment as ED, announced in March 2024, has been challenged in the Delhi High Court through a public interest litigation (PIL). The PIL contended that his appointment violated regulations due to the absence of vigilance clearance. The bench, headed by then Acting Chief Justice Manmohan, had issued notices to the Centre, the Central Vigilance Commission (CVC), and Dwivedi himself in August 2024, questioning the legality of the appointment.
Sources indicate the pending court case prompted the government’s decision to cancel Dwivedi’s ED appointment, reverting him to his prior role as GM.
This move underscores the government’s adherence to vigilance protocols in appointments to key banking positions.