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24×7 NEFT Facility A Big Boost To Indian B2B Sector

Mumbai, December 2019: Starting today, December 16, 2019 as mandated by the Reserve Bank of India (RBI), Indian banks will begin facilitating NEFT services around the clock on all days including weekends and holidays. While this offers major convenience to individual bank customers, it also is a big boon for businesses. With transactions credited or returned within 2 hours of settlement on a 24×7 basis, businesses especially in the B2B segment will get a big leeway in making buying or selling decisions. India’s largest online marketplace for excess inventory liquidation – excess2sell.com has welcomed the RBI’s move. It has stated that lifting the time restraint on conducting banking transactions will allow B2B players to capitalize on available opportunities and trade instantly.

“RBI’s decision to allow NEFT transactions 24×7 is a very welcome step which will give a massive boost to B2B companies. Earlier, NEFT transactions were only allowed between 8 am and 7 pm. So a lot of transactions would be put on hold due to indecisive buyers or time taken to finish a transaction. Now, with the facility available 24×7, we expect people to make decisions as per their convenience without worrying about the time period to conduct a transaction. This facility was available to B2C customers dealing in relatively low money transactions. By lifting the time restrictions for big money transactions, RBI has given a big boost to our business which caters exclusively to B2B sector. We expect sizeable uptick in our revenues after the new policy comes into effect,” says Mr. Rajan Sharma, Founder & Chief Executive Officer, excess2sell.com.

India’s B2B business base is 50 million strong and is growing at a rapid pace and is a direct supplier of goods to the country’s 14 million retailer base. Excess2sell offers them the right kind of tech solutions to address the pain points in liquidating excess inventory of the B2B sector.

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