In fact, the PESONet is a better alternative to checks. This is because the PESONet clears on the same day, while the check clears on the following banking day. Under E-Gov Pay, citizens may pay taxes, permit fees, license charges, and other government bills. PESONet is the rail that serves as the backbone of the EGovPay Linkbiz portal.
The Reserve Bank has used the FIPs to gauge the performance of banks under their FI initiatives. For this purpose, a structured and comprehensive monitoring mechanism has been put in place for evaluating banks’ performance vis-à-vis their planned targets.