The Centre recently cancelled the appointment of Pankaj Dwivedi as an Executive Director of Union Bank of India (UBI), effectively demoting him to his previous post as the General Manager of Punjab and Sind Bank (PSB).

The Department of Financial Services under the Ministry of Finance issued a gazette notification that stated: “The central government hereby cancels the appointment of Pankaj Dwivedi as Executive Director, Union Bank of India, made vide Department of Financial Services dated March 27, 2024.”

The Centre’s decision was taken due to an ongoing case in the Delhi High Court, PTI reported, citing sources.

The Ministry of Defense appointed Dwivedi to the Executive Director role on March 27, 2024. And now, recent proceedings in court revealed that the posting lacked vigilance clearance.

It has been pointed out in the court that his appointment as Executive Director of Union Bank of India violated regulations due to the lack of vigilance clearance.

A PIL (public interest litigation) was filed against Dwivedi last year in the Delhi High Court. The then-acting Chief Justice Manmohan issued a notice to the Central Vigilance Commission and questioned about the appointment.

Pankaj Dwivedi holds an MBA in Finance from Symbiosis, Pune. He is a certified associate of the Indian Institute of Bankers, a certification in Financial Risk Management from IIM Raipur and another in Leadership Development Programme from IIM Bangalore.

He served as the General Manager of Punjab and Sind Bank for over 31 years before being appointed as the Executive Director of Union Bank for 3 years from March 27, 2024.