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Cn non financial debt is very high but mainly because they did not tap on Corp bonds like the west. 

https://economictimes.indiatimes.com › topic › US-corporate-debt
US CORPORATE DEBT - The Economic Times
Aug 17, 2022But corporate bond market as percentage of GDP is also the highest at 120 in the US, while in India, it is only 18 per cent as against 80 per cent in Korea and 36 per cent in China, Sankar said. 24 Aug, 2022, 06.58 PM IST

If to add corp bonds liabilities, relatively the rest is not far from Cn. 
Nevertheless a lot is in short term loans.
POBC address it for some time, forcing change to longer term debt.
almost flat line interest rate in last 5 years, only adjustment is bank reserve ratio. 

Those borrow in own currency will face less stress compare those loan in foreign currency.  
as current QE hot money outflow.

Anyway such collapse cannot be alone, as external situation is far worse.