What does it mean by Micro Finance Company and register it in India?

Micro Finance Institution (MFI), is a non-deposit taking and non-banking company which provides loans up to Rs. 50,000 to people with low incomes, and residing particularly in rural and semi-urban areas, where the regular banking facilities are not easily available. Farmers, agriculturists, horticulturists, small businesspersons,etc. This works under RBI Act of 1934.