Covid-19 has inevitably disrupted operations across businesses. The MSME NBFC space witnessed some challenging times owing to the emergence of Covid-19 and the sudden shutdown across the country. Recovery in collections took a hit owing to the moratarium and the halt in business operations. While business operations were recovering from the first wave impact, the country faced a deadlier second wave of Covid-19. However, both waves had a varied impact on the MSME NBFC Business Operations.