In an unusual move, the government has demoted Union Bank of India Executive Director (ED) Pankaj Dwivedi to General Manager (GM).
The central government ‘hereby cancels the appointment of Pankaj Dwivedi as ED, Union Bank of India, made vide Department of Financial Services’ notification dated March 27, 2024’, the Department of Financial Services under the Ministry of Finance said in a gazette notification.
The government reverted him to his previous post as General Manager in Punjab & Sind Bank.
According to sources, the government has taken this decision as a case is pending against Dwivedi in the Delhi High Court.
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 public interest litigation was filed against his appointment last year against his appointment as ED, Union Bank of India, in the Delhi High Court.
A bench headed by the then Acting Chief Justice Manmohan issued notice in August, 2024 to the Centre, Central Vigilance Commission (CVC) as well as Dwivedi on the PIL and questioned how the appointment was made in the absence of a nod by the vigilance authority.