<h1>RBI Regulates NBFC-MFIs Under RBI Act, Chapter IIIB; SROs Oversee MFI Code of Conduct Compliance in India.</h1> Micro Finance Institutions (MFIs) in India operate in various forms, including Non-Banking Financial Companies (NBFC-MFIs), trusts, and societies. Their regulation depends on their organizational structure, ownership, and operational level. The Reserve Bank of India (RBI) regulates NBFC-MFIs under Chapter IIIB of the RBI Act, 1934, providing guidelines and a Fair Practice Code. Additionally, two Self Regulatory Organisations (SROs) recognized by the RBI oversee MFIs adhering to a voluntary industry Code of Conduct. This information was provided by a government official in response to a query in the Lok Sabha.