IT Issues Plague Banks Ahead of GST Rollout

Banks to Reconfigure front-end IT systems

Under the new GST regime, banks must register in each state separately as the Central Government does not have central registration for GST. This directive has sent several private and public banks to scramble and modify their front-end IT systems. Quite a few bigger private and MNC banks have been re-configuring their front-end IT systems since the past four months and expect to be ready for July 1 GST rollout.

A few public sector banks, scheduled banks and smaller private banks have only recently started changing their systems and some have not even started that process. Bank of Baroda, Indian Overseas Bank, Vijaya Bank and Indian Bank and few other scheduled banks have called for proposals from IT firms recently.

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