Good Bank

This refers to the news item Canara Bank may wind up three merchant banking branches (April 29).

As a depositor and admirer of this glorious organisation, besides my innumerable contacts with most merchant banking outfits of the bank, I am duty-bound to negate the report which fails to substantiate facts on various counts.

It is not true that the bank has decided to prune manpower in merchant banking branches in consonance with the depressed and sluggish capital market conditions. Anyway, reorganisation and restructuring are a healthy sign.

The bank is said to be planning to tap the capital market shortly, and at this juncture, such reports may prove to be damaging.