I have removed the power LED and on-board regulator of the Arduino Pro Mini. I thought maybe the pro mini's regulator already had capacitors connected to it. And since, I'm soldering the MCP1702 to the Vraw, Gnd and VCC pins of the Pro Mini, that I don't need external capacitors.
Do you think I will still need capacitors? @srnet thinks that some sort of overvoltage or reverse voltage killed the RFM module. Will capacitors be able to avoid this situation? Also, why isn't the INA219 or Arduino getting damaged from this reverse voltage (since they are also powered by the same regulator)?