The Government of India, together with the Reserve Bank of India (RBI), had done a commendable job in alleviating the pain of the borrower community during and after the nationwide lockdown imposed to counter the COVID-19 pandemic. Thanks to their timely actions, a nascent recovery was visible in a few sectors during the last two quarters of FY21. Indeed, international prognostications for India's recovery for FY22 turned overwhelmingly positive in the last quarter of FY21. However, with the emergence of the second wave of the pandemic, which seems to be more severe and widespread than the first one, economic recovery now seems uncertain again.