Correct Answer: Reserve Bank of India (RBI)

Solution : The correct answer is (a). Reserve Bank of India (RBI).

The Reserve Bank of India is the regulatory authority responsible for regulating and supervising the functioning of non-banking financial companies (NBFCs) in India. NBFCs are financial institutions that provide various financial services, such as loans, credit facilities, investments, and asset financing, but do not hold a full banking license. The RBI regulates and supervises NBFCs to ensure their stability, compliance with regulations, and protection of the interests of depositors and borrowers. The Insurance Regulatory and Development Authority of India (IRDAI) regulates and supervises insurance companies, while the Securities and Exchange Board of India (SEBI) oversees the securities market in India.