Kalyan Jewellers withdrew the advertisement on 23 July. In a statement, the Executive Director of Kalyan Jewellers, Ramesh Kalyanaraman said, "We sincerely regret the inadvertent hurt caused and withdraw the advertisement from all media with immediate effect. We understand that the advertisement has hurt sentiments of some people including members of our esteemed banking community. Any such hurtful interpretation being drawn is unintended.”
He added, “The creative advertisement was a work of fiction and not a reflection of banking employees at large.Along with crores of Indians, we acknowledge the valuable contribution of the banking community to our country."
As soon as the ad appeared, All India Bank Officers' Confederation, an organisation claiming to have membership of around 3,20,000 officers, threatened to sue Kalyan Jewellers accusing it of "casting aspersion and hurting the sentiments of millions of personnel" through the advertisement.
AIBOC general secretary SoumyaDatta said that the theme, tone and tenor of the ad were "disgusting, derogatory, to say the least and is aimed to create distrust in the banking system, for pure commercial gain."
Kalyan Jewellers rejected the allegation, saying it was "pure fiction."