"I am embarrassed as a banker” that is Uday Kotak's reaction to the Rs 11,400 crore alleged fraud at Punjab National Bank (PNB). Reacting to the Nirav Modi scandal, Uday Kotak, Vice Chairman & MD of Kotak Mahindra Bank said it is time to focus on a new institutional framework for public sector undertaking (PSU) banks and "not finger pointing" at bankers, regulators or others. CNBC-TV18’s Shereen Bhan caught up with Uday Kotak ahead of this year's Chasing Growth Annual Conference held by the group. Kotak also hinted that there is could be further correction in the stock markets and it will only make Dalal Street "more healthy".
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