This Note focuses exclusively on clients’ perspectives, before and after the crisis, gathered by the MicroSave team at various points of time, in a wide variety of locations, across Andhra Pradesh after the crisis broke in October 2010. The credit discipline, which was carefully nurtured by MFIs has been almost completely eroded. The implications for the credit risk associated with lending to the poor in India, whether through joint liability groups or through SHGs, are enormous.

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