Covid-19 has inevitably disrupted operations across businesses. The NBFC - MFI sector also witnessed some challenging times owing to the sudden shutdown across the country. Business operations underwent massive alterations and everyone was slowly adapting to the 'new normal'. While walking back into some level of normalcy, the country faced a deadlier second wave of Covid-19. However, both waves had a varied impact on the NBFC - MFIs business operations.