Much of me Literature on rural credit' in the post-independence period has been centred around the 'development questions' and largely quantitative in nature. Based on a qualitative field study in three villages of a green revolution district of Haryana, this paper attempts to explore the sociology of informal credit with a specific focus on understanding the changing structure of informal credit market and the emerging patterns of debt dependencies in the light of (a) the agrarian transformation experienced with the success of the green revolution; and (b) increasing availability and growing popularity of the institutional sources of credit.