"He has been removed from all party posts with immediate effect, but he will continue to be a member of the party," TMC secretary general Partha Chatterjee told PTI.
Panda, while reacting to the move, said, "I accept my party's decision and won't say anything to the media."
He was today grilled for the second time by the CBI in connection with the Saradha chit fund scam. The central agency had earlier interrogated the TMC leader, who was attached to the Saradha Group as a journalist, on December 2.