Why Did Union Bank of India's ED Pankaj Dwivedi Get Demoted?
The demotion of Pankaj Dwivedi from executive director of Union Bank of India to general manager at Punjab & Sind Bank is more than an administrative reshuffle. It is the culmination of a legal challenge that has exposed critical lapses in governance and protocols.
At the heart of the controversy lies a public interest litigation filed in 2024. This litigation questioned the legality of Dwivedi's appointment amid serious allegations of sexual harassment dating back to 2018.
The Delhi High Court hearing likely prompted the government's unprecedented decision to cancel his elevation and revert him to his former post.
In August 2024, a woman filed a public interest litigation in the Delhi High Court challenging Dwivedi's appointment as ED of Union Bank of India.
The PIL alleged that Dwivedi's promotion violated regulations because it was made without the necessary vigilance clearance from the central vigilance commission. Such a clearance is a mandatory requirement for senior public sector bank appointments.
The complainant had accused Dwivedi of sexual harassment and corruption in 2018, and the chargesheet against him was pending at the time of his appointment.
The Delhi High Court bench, led by then acting Chief Justice Manmohan, issued notices to the centre, the central vigilance commission, and Dwivedi, seeking explanations. The court's scrutiny has showed procedural irregularities, highlighting the importance of ethical vetting in public sector appointments.
Following the court's observations and ongoing litigation, the government issued its order on June 24. This demotion is regarded as one of the first instances where a high-ranking bank official has been reverted to a lower rank due to pending legal and regulatory issues.
Dwivedi has over 31 years of banking experience, having served in various capacities at Punjab & Sind Bank before his elevation to Union Bank of India.
His roles included managing corporate credit, retail lending, foreign exchange, treasury operations, and regional management across multiple states.
He is a certified associate of the Indian Institute of Bankers and an alumnus of the Indian Institute of Management Bangalore, reflecting a strong educational and professional background.
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