       Under the Payment System Act, the Bank will propose new regulations to strengthen consumer protection, along evolving best international standards. These would apply to savings and checking accounts; debit and credit cards, and to stored value products, where the common thread is the actual or potential use of such facilities to effect payments.
The Central Bank will also promote direct participation of credit unions and non-bank payment services providers in the payments and settlement system. This would apply to the retail clearing house (the ACH) and to the wholesale RTGS.9 The draft new Central Bank Bill provides that all of these entities would be allowed to maintain settlement accounts with the Central Bank to clear payments.