Brands
Citi names Ankur Khurana as head of commercial banking in India
New leader to steer mid-market growth as Citi doubles down on India
MUMBAI: Citi has appointed Ankur Khurana as the new head of its commercial banking business in India, effective 9 February 2026, signalling a sharper focus on the segment as a key growth engine in Asia.
Khurana will report to Gunjan Kalra, head of Citi commercial bank for Japan, Asia North and Australia, as well as Asia South, with a matrix reporting line to K Balasubramanian, CEO and banking head for Citi India and the Indian Subcontinent.
In her new role, she will be responsible for driving the strategy, growth and overall performance of the commercial banking franchise in the country. Her remit includes revenue, portfolio quality, capital returns and operating efficiency, along with strengthening cross-border opportunities for clients.
She will work closely with teams across banking, markets, services and wealth to ensure mid-sized and emerging corporates have access to Citi’s global suite of solutions, from cash management and trade finance to foreign exchange and capital markets. The role will also see her partner with investment banking teams to identify joint opportunities and support clients looking at capital market moves or strategic acquisitions.
Commercial banking is central to Citi’s global playbook, catering to mid-sized companies with international ambitions. In India, the franchise has built strong links with the start-up ecosystem and already banks nearly half of the country’s unicorns.
Gunjan Kalra said the segment continues to be a vital growth driver for the bank, adding that India remains one of Citi’s most strategic markets. She noted that Khurana’s experience in building high-performing franchises and her strong client and risk orientation would help deepen regional connectivity and strengthen the India business.
K Balasubramanian said India’s mid-market and emerging corporate space is entering a phase of rapid expansion, with more companies tapping capital markets and exploring overseas growth. He added that Khurana’s client relationships and disciplined financial approach would be crucial as the bank scales up in this segment.
Khurana brings more than two decades of global banking experience across corporate and investment banking, client coverage, financing, markets and transaction banking. Most recently, she was managing director and co-head of client coverage for India and South Asia at Standard Chartered. Her career has also included senior roles at Credit Suisse, JPMorgan and ICICI Bank.
She holds an MBA in finance and marketing from XLRI Jamshedpur, where she was a double gold medallist, and a Bachelor of Commerce degree from the University of Delhi.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â 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.
