The magnetorotational instability or MRI is a fluid instability that arises when the angular velocity of a magnetized fluid decreases as the distance from the rotation center increases. It can also be known as the Velikhov-Chandrasekhar instability or Balbus-Hawley instability in the literature; not to be confused with the Velikhov instability which is the electrothermal instability. The MRI is of particular relevance in astrophysics where it is an important part of the dynamics in accretion discs. Balbus and Hawley were the first to realize the astrophysical importance of this instability...