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The government canceled Pankaj Dwivedi’s appointment as Executive Director of Union Bank of India due to a pending case and lack of clearance.
Central govt demotes Pankaj Dwivedi as Union Bank’s ED.
The Government has cancelled its order on the appointment of Pankaj Dwivedi as executive director (ED) of Union Bank of India and sent him back as General Manager (GM) of Punjab & Sind Bank. The government’s decision came amid the pending case against Dwivedi in Delhi High Court.
The Central Government has appointed Shri Pankaj Dwivedi as the Executive Director of Union Bank of India for a period of three years, effective from March 27, 2024.
Why Has Dwivedi Being Sacked?
The court highlighted his appointment as ED of Union Bank of India, violating regulations due to the lack of vigilance clearance.
Dwivedi had been ceased as ED of Union Bank of India with immediate effect.
“we wish to inform you that the Central Government vide notification no. eF.No. 12/4/2024-BO.I dated June 24, 2025 has cancelled the appointment of Shri Pankaj Dwivedi as Executive Director of Union Bank of India and consequently he ceases to be the Executive Director of the Bank with immediate effect,” Union Bank of India announced in the press release.
Who Is Pankaj Dwivedi?
Before assuming his new role, Shri Pankaj Dwivedi served as General Manager at Punjab & Sind Bank, bringing with him over 31 years of extensive experience in the banking sector.
He holds an MBA from Symbiosis Institute of Management Studies, Pune, and is a Certified Associate of the Indian Institute of Bankers (CAIIB). He has also completed an Executive Certificate Programme in Applied Financial Risk Management from IIM Raipur and the Leadership Development Programme at IIM Bangalore, curated by the Banks Board Bureau in collaboration with IBA and Egon Zehnder International.
Union Bank of India’s shares tumbled 1.39 per cent intraday on Wednesday following the cessation of ED by the government. The scrip was trading at Rs 145 apiece, against the previous day close at Rs 147.05 apiece.
A public interest litigation was filed against his appointment as Executive Director of Union Bank of India last year in the Delhi High Court.
In August 2024, a bench led by the then Acting Chief Justice Manmohan issued a notice to the Centre, Central Vigilance Commission (CVC), and Dwivedi regarding the PIL, questioning how the appointment was made without the approval of the vigilance authority.
(With PTI Inputs)
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
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