{"id":1938,"date":"2020-01-20T17:08:09","date_gmt":"2020-01-20T11:38:09","guid":{"rendered":"https:\/\/cashfree.com\/blog\/?p=1938"},"modified":"2023-01-03T16:57:42","modified_gmt":"2023-01-03T11:27:42","slug":"24x7-neft-transaction-rbi","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/24x7-neft-transaction-rbi\/","title":{"rendered":"24&#215;7 NEFT Transactions Announced By The RBI: What Does It Mean For Indian Businesses?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #005c31;color:#005c31\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #005c31;color:#005c31\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/24x7-neft-transaction-rbi\/#What_is_NEFT\" >What is NEFT?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blogrevamp.cashfree.com\/24x7-neft-transaction-rbi\/#Benefits_for_Businesses\" >Benefits for Businesses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blogrevamp.cashfree.com\/24x7-neft-transaction-rbi\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">To bolster the Indian digital payments and settlement systems, the Reserve Bank of India made an announcement that the NEFT (National Electronic Funds Transfer) facility will be available for usage round the clock, 24 hours a day and 365 days a year.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/0h_8-YXYS8Gw19tnhWEcbzz-DamIAh1NxDysFa--LQo8WrWEHKJcZVEGBzKuWH7fWFk7aARj-3YRx1gOTskOH1jZ52dTx-SzOJxkX-Knr8ZxhHFdgIkgvXLv1hiOCvP7bsWm5Q0J\" alt=\"rbi-neft\"\/><figcaption class=\"wp-element-caption\">Official Announcement by The Reserve Bank of India<\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">This is in-line with the government\u2019s vision to build a cashless economy, by facilitating banking needs beyond hours.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the government and financial regulatory body is taking a lot of initiatives to bolster a cash-less economy and help small and medium business adopt digital payments as a defacto payment method, we at Cashfree keep making updates to our payment solutions to ensure that our merchants have a seamless payment experience.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_NEFT\"><\/span>What is NEFT?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">NEFT is a fund transfer system that allows individuals to transfer funds from one account to another for given personalized upper limit by every bank.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>Before, funds were transferred in an hourly shift between 8 am to 7 pm, and between 8 am to 1 pm on 1st and 3rd Saturday. <\/p><\/blockquote><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">With the new regulations, NEFT settlements after banking hours are automated using the \u2018Straight Through Processing (STP)\u2019 mode by banks. The existing rule of crediting the beneficiary\u2019s account or returning the transaction (within 2 hours of settlement of the respective batch) to the originating bank will continue, as RBI stated. Banks are supposed to send confirmation messages for all NEFT credits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_for_Businesses\"><\/span>Benefits for Businesses<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/Ig2knXfxYVlccgdDG0GyKeTgXKgEcnKSzNzooZEcjKCw_2DmLj3RAZskUMzKX5AjNMl_OpHwamBbPPJ2JjhfbCvjW92Eraeu0TDimQyTuG4nlw8pdBx_FnflOpspheHw0Z9wEak_\" alt=\"rbi-neft\" width=\"580\" height=\"266\"\/><figcaption class=\"wp-element-caption\">RBI&#8217;s vision to boost digital payments in India<\/figcaption><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Improved cash flow \u2014 <\/strong>The newest regulation allows businesses and individuals to make payments when they see fit. Therefore as an online business, you can make and expect timely payments with payment platforms like Cashfree. Which in turn, improves your cash flow.<\/li>\n\n\n\n<li><strong> Faster settlements &#8211; happier partners and vendors \u2014 <\/strong>With 24&#215;7 payment options, you wouldn\u2019t have to wait to settle payments between you and your partners, as well as vendors. This improves partner and vendor relations as funds are released quickly which leads to faster order fulfilment chain.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">It is encouraging that the government is proposing policies that are continuously pushing India towards a digital era. And with what\u2019s coming next for Cashfree, this will be a win-win situation for businesses of all sizes, especially the entry to the mid-sized level market, which has always struggled with archaic banking technologies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>To bolster the Indian digital payments and settlement systems, the Reserve Bank of India made an announcement that the NEFT (National Electronic Funds Transfer) facility will be available for usage round the clock, 24 hours a day and 365 days a year. This is in-line with the government\u2019s vision to build a cashless economy, by<\/p>\n","protected":false},"author":10,"featured_media":6966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1,1412],"tags":[2190,1381],"class_list":["post-1938","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all","category-policy","tag-payment-policies","tag-payment-solution"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>24x7 NEFT Transactions Announced By The RBI - Cashfree Payments Blog<\/title>\n<meta name=\"description\" content=\"the Reserve Bank of India made an announcement that the NEFT (National Electronic Funds Transfer) facility will be available for usage round the clock, 24\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"24x7 NEFT Transactions Announced By The RBI - Cashfree Payments Blog\" \/>\n<meta property=\"og:description\" content=\"the Reserve Bank of India made an announcement that the NEFT (National Electronic Funds Transfer) facility will be available for usage round the clock, 24\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/\" \/>\n<meta property=\"og:site_name\" content=\"Cashfree Payments Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-20T11:38:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-03T11:27:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2020\/09\/24x7.png?fit=1200%2C628&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Yash Vardhan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yash Vardhan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"24x7 NEFT Transactions Announced By The RBI - Cashfree Payments Blog","description":"the Reserve Bank of India made an announcement that the NEFT (National Electronic Funds Transfer) facility will be available for usage round the clock, 24","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/","og_locale":"en_US","og_type":"article","og_title":"24x7 NEFT Transactions Announced By The RBI - Cashfree Payments Blog","og_description":"the Reserve Bank of India made an announcement that the NEFT (National Electronic Funds Transfer) facility will be available for usage round the clock, 24","og_url":"https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/","og_site_name":"Cashfree Payments Blog","article_published_time":"2020-01-20T11:38:09+00:00","article_modified_time":"2023-01-03T11:27:42+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2020\/09\/24x7.png?fit=1200%2C628&ssl=1","type":"image\/png"}],"author":"Yash Vardhan","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Yash Vardhan","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/#article","isPartOf":{"@id":"https:\/\/blogrevamp.cashfree.com\/24x7-neft-transaction-rbi\/"},"author":{"name":"Yash Vardhan","@id":"https:\/\/blogrevamp.cashfree.com\/#\/schema\/person\/ccc4df9c257526439710d0968248bbaa"},"headline":"24&#215;7 NEFT Transactions Announced By The RBI: What Does It Mean For Indian Businesses?","datePublished":"2020-01-20T11:38:09+00:00","dateModified":"2023-01-03T11:27:42+00:00","mainEntityOfPage":{"@id":"https:\/\/blogrevamp.cashfree.com\/24x7-neft-transaction-rbi\/"},"wordCount":400,"commentCount":4,"image":{"@id":"https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2020\/09\/24x7.png?fit=1200%2C628&ssl=1","keywords":["Payment Policies","payment solution"],"articleSection":["All","Policy Radar"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/blogrevamp.cashfree.com\/24x7-neft-transaction-rbi\/","url":"https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/","name":"24x7 NEFT Transactions Announced By The RBI - Cashfree Payments Blog","isPartOf":{"@id":"https:\/\/blogrevamp.cashfree.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/#primaryimage"},"image":{"@id":"https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2020\/09\/24x7.png?fit=1200%2C628&ssl=1","datePublished":"2020-01-20T11:38:09+00:00","dateModified":"2023-01-03T11:27:42+00:00","author":{"@id":"https:\/\/blogrevamp.cashfree.com\/#\/schema\/person\/ccc4df9c257526439710d0968248bbaa"},"description":"the Reserve Bank of India made an announcement that the NEFT (National Electronic Funds Transfer) facility will be available for usage round the clock, 24","breadcrumb":{"@id":"https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/#primaryimage","url":"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2020\/09\/24x7.png?fit=1200%2C628&ssl=1","contentUrl":"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2020\/09\/24x7.png?fit=1200%2C628&ssl=1","width":1200,"height":628},{"@type":"BreadcrumbList","@id":"https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/blogrevamp.cashfree.com\/"},{"@type":"ListItem","position":2,"name":"All","item":"https:\/\/blogrevamp.cashfree.com\/category\/all\/"},{"@type":"ListItem","position":3,"name":"24&#215;7 NEFT Transactions Announced By The RBI: What Does It Mean For Indian Businesses?"}]},{"@type":"WebSite","@id":"https:\/\/blogrevamp.cashfree.com\/#website","url":"https:\/\/blogrevamp.cashfree.com\/","name":"Cashfree Payments Blog","description":"Cashfree Payments- Payment Gateway for India","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/blogrevamp.cashfree.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/blogrevamp.cashfree.com\/#\/schema\/person\/ccc4df9c257526439710d0968248bbaa","name":"Yash Vardhan","url":"https:\/\/blogrevamp.cashfree.com\/author\/yashcfree\/"}]}},"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9MjXo-vg","jetpack_likes_enabled":false,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2020\/09\/24x7.png?fit=1200%2C628&ssl=1","_links":{"self":[{"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/posts\/1938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/comments?post=1938"}],"version-history":[{"count":9,"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/posts\/1938\/revisions"}],"predecessor-version":[{"id":14560,"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/posts\/1938\/revisions\/14560"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/media\/6966"}],"wp:attachment":[{"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/media?parent=1938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/categories?post=1938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/tags?post=1938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}