Reseting this phone is competely different, it cannot hard reset the phone to factory reset,this little guild will help you to reset mi phones to factory reset when you forget the password
Things Needed
Once you install the two files on your PC,put your device to download mode by pressing vol+ and power at the same time and once you see MI on the screen,release only the power.
Then plug in your device to the pc and open MI Unlocking Tool and press Bypass MI Account.
Your device will restart.
GOOD LUCK