The ever-growing insolvency figures, the change of credit culture and the much shorter bankruptcy period lead to one logical conclusion.

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In addition to these legislative changes, there has also been the massive change in our credit culture in the last few years.

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The bank's credit culture is consistent throughout the cycle, meaning that it loses market share in boom times and wins business in environments like this one.

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Such largesse sounds wonderful, but a dramatic cancellation of loans could raise doubts about the rural-credit culture.

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That starts with creating a consumer-credit culture in the first place, plus many of the things lenders take for granted in North America, like individual credit histories, and finely tuned risk-based pricing where the riskiest customers pay the highest interest rates, to cover expected losses.

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Credit part of that to the marketing culture of co-founder Sinegal and his crew, which came down to: less is more.

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Until it knows her better the culture will be reluctant to extend full credit.

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Mr Dougan, however, was a Credit Suisse veteran who knew all about the peculiar Swiss culture before he took over.

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More important than that familiar story, however, is the deeper bad news that a profoundly leveraged credit-economy culture repackages nightmares as dreams.

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For instance, the loan waiver program may have ruined India's culture of rural credit for a generation.

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