Government Demotes Bank Executive Amid Legal Concerns

The government has made a surprising decision to demote Pankaj Dwivedi, the Executive Director of Union Bank of India, to his previous role as General Manager at Punjab & Sind Bank.

According to a gazette notification, this decision follows revelations of procedural lapses in his appointment, pointing to an ongoing case in the Delhi High Court. The controversy centers around the lack of vigilance clearance, which is a crucial factor in such appointments.

The court has been alerted to irregularities due to a public interest litigation, prompting the Acting Chief Justice to seek explanations from the Centre and the Central Vigilance Commission on the matter.

(With inputs from agencies.)