Gelli to turn mentor

Ramesh Gelli, one of the promoters of Global Trust Bank, has blamed the 2001 stock market fall and violations of internal procedures in sanctions for the collapse of the bank.

In an interview to Business Standard, the 58-year-old Gelli said he planned to retire from banking. "My career as a banker is over. I may pursue academics or be a mentor to new entrepreneurs."

"I would like to blame my experimentation with delegation of power and full dependence on the senior management team (for the bank's failure)," he said.