RBI CBS to be payment aggregator for GST

According to the finance Ministry Report Reserve Bank of India (RBI) can act as the aggregator of payments by using RBI’s core banking solution e-Kuber for the upcoming GST that is expected to be rolled out in April 1, 2016.

• This will facilitate participation of larger number of banks in GST receipts which will enhance convenience for the tax payers,single source of information and simplifying accounting and reconciliation tasks.
• Report also suggested that internet banking, over the counter payment and NEFT and RTGS should be extensively used to facilitate payments.
• The portal will be backed by integration with the respective IT systems of the Centre and states.