Pankaj Dwivedi: Latest on His Role at Union Bank of India

Introduction

Union Bank of India (UBI), one of India’s major public sector banks, recently made headlines with its appointment of Pankaj Dwivedi as Executive Director (ED). This article explores this development in depth—covering his background, responsibilities, controversies, and what it means for the bank’s future.

Who is Pankaj Dwivedi?

Pankaj Dwivedi is a seasoned banker with a 31‑year history spanning branch operations, treasury, corporate credit, and recovery. He was General Manager at Punjab & Sind Bank before taking up his ED role at Union Bank. Dwivedi holds an MBA from SIMS Pune, is a CAIIB-qualified banker, and has completed executive programs from IIM Raipur and IIM Bangalore.

Qualifications & Career Highlights

• Education: MBA, Certified Associate (CAIIB), leadership certificates from IIM Raipur and Bangalore .

• Professional Milestones:

  • General Manager, Punjab & Sind Bank

  • Roles in treasury, retail lending, foreign exchange, corporate credit, and more 

  • Board trustee, IIFCL Mutual Fund

The Appointment – What You Should Know

Pankaj Dwivedi officially assumed office as ED at Union Bank on March 27, 2024, for a three‑year tenure—joining three other EDs at UBI, under MD & CEO A Manimekhalai.

Appointment Details

Why This Appointment Matters

1. Strengthening Governance
   With 31 years of expertise and diverse banking insights, Dwivedi brings governance depth. His treasury and risk management knowledge are valuable as UBI navigates a shifting interest‑rate environment .

2. Expanding Retail & Priority Lending
   Dwivedi’s experience in priority and retail finance could reinforce UBI’s growth in MSME and rural banking.

3. Increasing Transparency
   His exposure to law, recovery, and corporate credit practices is expected to introduce better accountability standards.

The Controversy – Vigilance Clearance & Court Proceedings

Despite his appointment, Delhi High Court flagged concerns in August 2024. The Court questioned whether the appointment adhered to vigilance norms, citing a pending sexual harassment chargesheet against Dwivedi filed by a former female Punjab & Sind Bank employee.

• Key Contention: Appointment proceeded without Central Vigilance Commission (CVC) clearance.

• Court Action: Issued notices to the Centre, CVC, and Dwivedi; sought explanations.

This controversy raises systemic questions on appointment governance in public sector banks.

What’s Next at Union Bank?

Ongoing Developments:

1. Court Hearing – Awaited follow-up to the Delhi High Court’s notice filed in Aug 2024.

2. Institutional Alert – UBI surplus may arise if Dwivedi’s presence is legally constrained.

3. Governance Shift – UBI may feel pressure to rebuild appointment protocols to withstand scrutiny.

4. Public Perception – Reputation could take a hit if the controversy deepens.

Broader Impacts & What Stakeholders Should Watch

• Regulatory Landscape: The case places vigilance protocols under focus—CVC clearance is crucial for senior PSU appointments.

• Market Confidence: Share prices might fluctuate based on clarity about the appointment’s legitimacy.

• Internal Culture: Signals how seriously workplace misconduct allegations are taken in public sector banks.

• Investor Outlook: Corporate governance safeguards can deeply influence investor sentiment.

Data from banks suggest treasury gains add momentum to profitability in Q4 FY24–FY25, positioning UBI strategically—if leadership remains stable.

Final Thoughts

While Union Bank’s strategy to bring in seasoned leadership is clear, the vigilance and legal scrutiny over Pankaj Dwivedi’s appointment may cloud the road ahead. Stakeholders must monitor:

• Did the CVC provide full clearance?

• Will the Court’s enquiries alter his position?

• How will the bank adjust its prescreening and governance protocols?

UBI’s journey forward depends on balancing expertise with ethical accountability. The outcome will not only impact one executive, but signal standards for PSU banks across India.