The level of external debt at 19.7 per cent of GDP and the debt service ratio (principal repayments and interest payments as a ratio of current earnings) at 6.4 per cent of GDP are among the lowest in emerging market peers. This places India among the least externally indebted countries of the world, by the World Bank’s classification.
Furthermore, there may exist a positive relationship between the development of supervisory guidance for microfinance activities and for supervision in general. So taking all this together, we should search for a tailor-made solution within the scope of existing regulation. BIS Review 78/2008  3  12. One such solution can be found in the Basel Core Principles.