MAM
YES BANK becomes the first bank to offer ‘ONDC Network Gift Card’
Mumbai: YES BANK today, announced that it has become the first bank in the country to issue an ‘ONDC Network Gift Card’. This marks a transformative shift in the way India shops and aims to revolutionise the shopping experience for Indian consumers.
The ONDC Network Gift Card, issued in partnership with Open Network for Digital Commerce (ONDC), is at the forefront of democratising digital commerce. Unlike traditional gift cards, this groundbreaking concept empowers customers to utilise the gift card for purchasing products from any brand and any seller across a wide array of segments, including food, fashion, handicrafts, electronics, home essentials, health and wellbeing.
The ONDC Network Gift Card is open for sponsorship and utilisation by corporate and individual customers, enabling them to extend thoughtful gestures to their customers, employees, or their loved ones. This innovative card leverages the robust Rupay network and offers the flexibility to load up to Rs 10,000/-
YES BANK country head – of Digital & Transaction Banking Ajay Rajan said “At YES BANK, it is our constant endeavour to leverage technology to bring forth solutions that provide customers as well as clients with a rewarding banking experience. We are delighted to be the first bank to partner with ONDC to introduce this specially curated Network Gift Card that offers customers with the flexibility to choose from a wide array of products from across segments. Being a pioneer in digital acceleration, our focus is on creating a robust digital infrastructure for business and commerce. With the launch of the ONDC Network Gift Card, customers can enjoy an unrestricted shopping experience during the ongoing festive season.”
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.
