While previous reports have focused solely on the 'big' issues like. capital account convertibility, bank privatization, and priority sector norms, . A Hundred Small Steps: Report of the Committee on Financial Sector Reforms. goes deep into other areas where reforms are less controversial, but perhaps as. important. The report argues that we need a change in mindset for the financial. sector, one that recognizes that efficiency, innovation, and value for money are. as important for the poor as they are for our new Indian multinationals, and these. will come from improved governance, new entry a.