I have to strongly disagree with this. I have read several accounts of the functioning of the RBI, and even spoken to one of the recent ex-Governonrs one-on-one, and I do not believe this at all.
It is very likely, IMO, that the RBI is trying to save face from the PSB and related fiascos by strong arming the private banks. After all, how else to explain such harsh treatment for Rana Kapoor compared to Shikka Sharma and Chandana Kochher? The latter 2 have either destroyed wealth, or are accused of breaking laws.
It is sickening that the RBI has no concern for the stock price of an institution as important as a bank, since this drop can legitimately affect its basic functioning, hence why short selling of bank stocks is not allowed in some places. There are innumerable ways in which the RBI could have handled this better and they decided the worst possible way.