Who Is Pankaj Dwivedi? Banker Removed as Union Bank Executive Director Amid Vigilance Clearance Row

The central government has officially revoked the appointment of Pankaj Dwivedi as Executive Director of Union Bank of India (UBI), effectively reversing his promotion and reinstating him to his previous role as General Manager at Punjab and Sind Bank (PSB). This decision was announced through a gazette notification issued by the Department of Financial Services (DFS), which operates under the Ministry of Finance.

The gazette notification read, "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."

This cancellation comes amid ongoing legal proceedings in the Delhi High Court, which have raised concerns over the procedural legitimacy of his appointment, according to a report by PTI citing sources close to the matter.

Pankaj Dwivedi Background

Pankaj Dwivedi's appointment to the Executive Director position was originally made on March 27, 2024, by the Ministry of Defence. However, it has since been revealed during court proceedings that the necessary vigilance clearance - a prerequisite for high-level appointments in public sector banks - had not been obtained at the time of his elevation.

The absence of vigilance clearance emerged as a major regulatory lapse and became a focal point in a Public Interest Litigation (PIL) filed against Dwivedi in the Delhi High Court in 2024. During the hearing, the then-Acting Chief Justice Manmohan issued notices to the Central Vigilance Commission (CVC), seeking clarification on how such a significant appointment was made without adhering to established vigilance protocols.

What was Controversy?

The controversy surrounding Dwivedi's promotion has raised questions about transparency and compliance within top-level banking appointments in the public sector. The court proceedings have underscored the need for stricter vetting and due diligence before approving such key leadership roles.

Pankaj Dwivedi is a seasoned banking professional with over three decades of experience. Prior to his appointment at Union Bank of India, he served for more than 31 years at Punjab and Sind Bank, eventually holding the post of General Manager. He holds an MBA in Finance from Symbiosis, Pune, and is a certified associate of the Indian Institute of Bankers. He has also completed a certification in Financial Risk Management from the Indian Institute of Management (IIM) Raipur and a Leadership Development Program from IIM Bangalore.