Which regulatory body in India is responsible for overseeing and regulating Micro Finance Institutions?

Correct option is C

The correct answer is (c) Reserve Bank of India (RBI).
The Reserve Bank of India (RBI) plays a crucial role in regulating Micro Finance Institutions (MFIs) in India.
The RBI is the central banking institution of India, which regulates the monetary policy of the Indian currency and oversees the country's financial institutions, including Micro Finance Institutions.
The RBI issued specific guidelines for Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs) to regulate their operations and ensure financial stability and consumer protection.
Facts to remember:
The Reserve Bank of India (RBI) was established on April 1, 1935.
The RBI was founded under the Reserve Bank of India Act, 1934.
The establishment of the RBI was recommended by the Hilton Young Commission (also known as the Royal Commission on Indian Currency and Finance) in 1926.
Sir Osborne Smith was the first Governor of the RBI.
The RBI was nationalized on January 1, 1949.
SEBI is the regulatory body for securities markets in India.
The Securities and Exchange Board of India was constituted as a non-statutory body on April 12, 1988 through a resolution of the Government of India.