The Reserve Bank of India today set up an eight-member panel to review functioning of board of banks and examine 'fit and proper' criteria for directors, including their tenure.The Committee, to be headed by former Axis Bank Chairman P J Nayak, will analyze representation on bank boards to see whether the boards have appropriate mix of capabilities and necessary independence to govern the institution.It will also investigate possible conflicts of interest in board representation, including among owner representatives and regulators.