This verse appears in Śrīmad-Bhāgavatam (SB 9.4.68) in connection with a misunderstanding between Durvāsā Muni and Mahārāja Ambarīṣa. As a result of this misunderstanding, Durvāsā Muni tried to kill the king, when the Sudarśana cakra, the celebrated weapon of Godhead, appeared on the scene for the devoted king’s protection. When the Sudarśana cakra attacked Durvāsā Muni, he fled in fear of the weapon and sought shelter from all the great demigods in heaven. Not one of them was able to protect him, and therefore Durvāsā Muni prayed to Lord Viṣṇu for forgiveness. Lord Viṣṇu advised him, however, that if he wanted forgiveness he had to get it from Mahārāja Ambarīṣa, not from Him. In this context Lord Viṣṇu spoke this verse.
The Lord, being full and free from problems, can wholeheartedly care for His devotees. His concern is how to elevate and protect all those who have taken shelter at His feet. The same responsibility is also entrusted to the spiritual master. The bona fide spiritual master’s concern is how the devotees who have surrendered to him as a representative of the Lord may make progress in devotional service. The Supreme Personality of Godhead is always mindful of the devotees who fully engage in cultivating knowledge of Him, having taken shelter at His lotus feet.