Preserving Financial Stability in an Evolving World - Special Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India, at the Fifth Kautilya Economic Conclave on October 3, 2026 -

Thank you for inviting me to speak today. 2. I would like to speak on financial stability, the institutional mechanism, approach and tools for financial stability in our country, the emerging global risks, and our assessment of the financial system. I. What is Financial Stability? 3. As we all know, financial stability is the ability of the financial system to facilitate and enhance economic and financial transactions, manage risks, and absorb shocks 1 . A stable financial system is one in which financial intermediaries, markets and market infrastructures reliably provide the financial services that households and businesses depend on, including during periods of economic and financial market stress. It is a system in which households and businesses have the ability and confidence to save, borrow, invest, insure, make payments, manage risk and plan for the future 2 . II. Why financial stability? 4. One may ask the question: why talk about financial stability when the global financial system, despite repeated shocks, has been rather resilient and financial markets orderly. India too has had a stable financial system and among the strongest balance-sheets – of banks, corporates, gove

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