The RBI has allowed authorized PSOs – banks and non-banks – to conduct a pilot scheme for offline payment solutions using cards, wallets or mobile devices for remote or proximity payments to encourage technological innovations that enable offline digital transactions. This has been revealed in the RBI’s Annual Report for 2020-21. The RBI had released a framework, stipulating eligibility criteria, scope and governance structure for entities interested in setting up a pan-India umbrella entity for retail payments. The applications for authorization were required to be submitted till 30 April 2021. RBI had also enabled the posting of settlement files of payment systems on all days of the week, which has helped to reduce build-up of settlement and default risks in ancillary payment systems and enabled better management of funds by member banks. RBI permitted authorized non-bank PPI issuers and payment aggregators to maintain an additional escrow account in a different scheduled commercial bank. The RBI advised authorised PSOs to implement an online dispute resolution system for disputes and grievances related to failed transactions in their respective payment systems by 1 January 2021. This will provide a quick, affordable and accessible dispute resolution system for customers.