M.Phil

The University Grant Commission (UGC) has discontinued the MPhil degree program as part of the National Education Policy (NEP) 2020; hence, no college or university is allowed to offer the MPhil programme in India. But, interested candidates can opt for a PhD program however, it requires candidates to go through the entrance exam process.

The MPhil full form is Master of Philosophy, which is a 2-year-long postgraduate research degree program, and Philosophy means the study of the general ideas about knowledge, truth, right and wrong, religion, and the nature and meaning of life. The MPhil programme in India has been discontinued by the UGC as part of the NEP 2020.

The exact difference between an MPhil and an MSc is their components. MSc is more of a classroom-based degree, including lectures, seminars, and practical work within a specific subject area of Science.
Meanwhile, MPhil is a research-based program, one level down from the PhD, but the structure is almost the same. In short, an MSc is the best fit if you're interested in regular classroom studies with in-depth knowledge in a subject, and if you're into research, go for an MPhil.
However, the UGC has discontinued the MPhil degree programme as part of the NEP 2020.

Well, it depends on your interests. Psychology is indeed a good specialisation to pursue an MPhil in. Since the Psychology study also requires students to research the human mind and behavior, and MPhil is a research program, the combination of these disciplines will give students a strong practical training in the respective field and also great career options.