Letter to BS: Who is to be blamed for the state of affairs in PSBs?

The writer was working in the central office of RBI at Mumbai when nationalisation of banks took place

This refers to “Celebrating 50 years of bank nationalisation” (July 15). The writer says that the RBI governor was not kept in loop. This reminds me how and when the governor was brought into picture.

I was working in the central office of RBI at Mumbai then. The rumours were afloat for some days in the wake of Morarji Desai’s virtual dismissal from finance ministership and takeover of the finance portfolio by the then Prime Minister Indira Gandhi that banks were likely to be nationalised any day. In the midst of these rumours, governor L K Jha at Mumbai received