No person shall be a director of the Board, if he--
         (a) is, or becomes of unsound mind and has been so declared by a competent court; or
         (b) is or has been convicted of any offence which, in the opinion of the Central Government, involves moral turpitude; or
         (c) is, or at any time has been, adjudicated as insolvent or has suspended payment of his debts or has compounded with his creditors; or
         (d) has, for any reason, been removed or dismissed from the service of--
             (i) the Government, or
             (ii) the Reserve Bank, the State Bank or any other bank, or
             (iii) any public financial institution, or state financial corporation, or
             (iv) any other corporation owned or controlled by the Government.