Former Sebi chairman M Damodaran blamed the telephone calls from Delhi to Mumbai for the myriad problems that public sector banks face now and warned against their privatisation to resolve the crisis.
“Telephone calls from Delhi to Bombay, over the years, have been at the root of the problem of the public sector banks. People in Bombay have been unquestionably responding to the direction from Delhi,” Damodaran said told the students of the RBI-run National Institute of Bank Management here on Wednesday on their convocation.