As part of its efforts to promote sound corporate governance, the RBI has been focusing on ensuring 'fit and proper' owners and directors of the bank and laying stress on diversified ownership. Banks have been advised to ensure that a nomination committee screens the nominated and elected directors to satisfy the 'fit and proper' criteria. 2  BIS Review 39/2006  III.
Features of reforms  The unique features of the progress in financial sector reforms may be of some interest to this audience. First, financial sector reforms were undertaken early in the reform cycle. Second, the reforms process was not driven by any banking crisis, nor was it the outcome of any external support package.