In a significant move in the Indian banking sector, Pankaj Dwivedi, Executive Director (ED) of Union Bank of India, has been removed from his post and reassigned as General Manager (GM) at Punjab & Sind Bank. The decision comes amidst administrative reshuffling and has drawn considerable attention within financial and regulatory circles.
Key Developments:
Position Affected: Executive Director, Union Bank of India
New Posting: General Manager, Punjab & Sind Bank
Nature of Move: Removal and demotion, effective immediately
Reason: Not officially disclosed, but sources cite internal performance review and procedural action
Industry Reaction:
The demotion of a serving ED to GM level is highly unusual and raises questions about internal governance and accountability measures in public sector banks. Banking insiders are closely watching for further clarification from the Ministry of Finance or the Bank Boards Bureau.
About Pankaj Dwivedi:
Pankaj Dwivedi was appointed as ED of Union Bank in 2022 and had served in various senior roles prior, including stints at Bank of Baroda. Known for his experience in credit and risk management, his sudden demotion marks a steep fall in his career trajectory.
What This Means for Union Bank and Punjab & Sind Bank:
Union Bank of India may initiate a leadership reshuffle or interim appointments
Punjab & Sind Bank gains a senior executive, though in a lower capacity
Signals stricter performance accountability within PSU banks
FAQ:
Q. Why was Pankaj Dwivedi removed as ED?
A. No official reason has been cited, but reports suggest administrative action linked to internal reviews.
Q. Is it common for EDs to be demoted?
A. No. Such demotions are rare and usually indicate serious internal findings or policy violations.
Q. Will this affect Union Bank operations?
A. Unlikely in the short term, as ED roles are typically supported by other board members and senior executives.
published on 25th june
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