MAM
Cards on the table as Amit Kalekar moves up at HDFC Bank
MUMBAI: Cards have been reshuffled at HDFC Bank, and the hand looks stronger. Amit Kalekar has been elevated to senior vice president, marking a significant step in a career built on quietly scaling some of India’s most complex payments businesses.
In his new role, Kalekar will continue to drive growth across Commercial Cards, B2B Payments and Digital Platforms, areas that sit at the heart of transaction banking as corporates push for speed, visibility and smarter cash management.
With more than two decades of experience across leading financial institutions, Kalekar brings deep domain expertise in product strategy, partnerships and large-scale digital payment ecosystems. Before joining HDFC Bank, he held senior roles at Axis Bank, Kotak Mahindra Bank and ICICI Bank, working across debit cards, commercial cards and programme management.
Since joining HDFC Bank over six years ago, Kalekar has been closely involved in building scalable card-led and platform-based B2B solutions, strengthening partnerships and expanding the bank’s digital payments footprint. His elevation reflects a track record of customer-centric innovation and an ability to translate complex enterprise needs into workable, revenue-generating products.
As Indian corporates accelerate digital adoption and demand more integrated payment solutions, Kalekar’s expanded mandate places him at the centre of HDFC Bank’s next phase of growth in the B2B payments and transaction banking space.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
