(2) Microfinance Institutions(MFIs) registered as non-bankingfinancial companies(NBFCs) are regulated by theReserve Bank of India. Therewere recent talks of makingMicro Units Development andRefinance Agency (MUDRA)Bank a unified regulator for allMFIs. However, the FinanceMinistry, in January 2016,clarified that MFIs will continueto be regulated by RBI.