印度储备银行行长桑杰·马尔霍特拉表示，印度金融体系已享受了一段漫长的平静期，但敦促在当前全球不确定性和剧烈波动持续的背景下，必须保持警惕并构建韧性。在新德里举行的第五届考底利耶经济圆桌会议上，印度储备银行行长桑杰·马尔霍特拉表示，决策者视平静为需守护之物，而非可依赖之物。
RBI governor Sanjay Malhotra said that India's financial system has enjoyed a long stretch of calm but urged the need for caution and resilience-building amid the ongoing global uncertainty and extensive volatility. While speaking at the 5th Kautilya Economic Conclave, held in New Delhi, RBI governor Sanjay Malhotra said that policymakers see calm as something to guard, not something to bank on.
全球动荡中的印度韧性马尔霍特拉表示，印度经历了一个非常长的金融稳定期。这是个好消息，但也暗藏危机。长期的稳定可能会鼓励冒险和杠杆操作，削弱审慎经营的意愿。
India's Resilience Amid Global TurmoilMalhotra said that India has gone through a very prolonged period of financial stability. That is good news, but it carries its own danger. Long periods of stability can encourage risk-taking and leverage and weaken the appetite for prudence.
他强调了前瞻性政策制定的必要性，并表示决策者称目前未见风险迹象，但强调国家不能掉以轻心。正如他们所言，代价实在太高。
He underscored the need for proactive policymaking and said that policymakers say they see no signs of risk at present, but they stress that the country cannot afford to become complacent. As they put it, the cost is simply too high.
重点一直放在增强金融体系的韧性上，且按大多数指标显示，这项工作成效显著。银行的信贷存款比非常舒适，体系也相当好地吸收了西亚供给冲击。
The focus has been on strengthening the resilience of the financial system, and by most indicators, that work is showing. Banks' credit-deposit ratios are very comfortable, and the system has absorbed the West Asia supply shock quite well.
应对不可避免冲击的手段然而，央行行长也发出了一些警示，认为韧性建设也有其局限。试图消除所有风险会抑制投资，因此任务是在安全与增长之间寻找平衡。监管也变得更加智能，现代工具越来越多地被用于识别新兴风险。他表示，冲击不可避免，决策者须做好准备。
Means To Deal With Inevitable Shocks However, the RBI chief issued some caution and opined that resilience-building also has limits. Trying to remove every risk would curtail investment, so the task is to strike a balance between safety and growth. Supervision is also getting smarter, with modern tools increasingly used to identify emerging risks. He said that shocks are inevitable, and policymakers need to be prepared.
应对措施关键包括逆周期政策，这在对冲冲击方面尤为重要。必须区分流动性问题和偿付能力问题，因为它们需要不同的应对措施。
应对财政动荡在货币与全球财政范式方面，马尔霍特拉表示，货币政策并非应对金融体系风险的常规工具。
Some key measures for these include countercyclical policies, which are particularly important in countering shocks.
人们也意识到，如果货币政策过度延伸，可能会妨碍其他目标的实现。全球环境加剧了金融脆弱性和通胀风险。印度央行行长提到，全球债券收益率已走高，这对主权借贷有影响。在印度，政府债券收益率仅因全球油价和债券价格上涨而部分上行。???? 印度央行行长桑杰·马尔霍特拉谈金融稳定、全球风险与展望 “我看不出有任何风险迹象，但我们需要保持警惕”????
Liquidity and solvency problems must be told apart, since they call for different responses. Tackling Fiscal Turbulence On the monetary and global fiscal paradigm, Malhotra said that monetary policy is not the usual tool for financial-system risks. There is also an awareness that monetary policy can get in the way of other objectives if stretched too far. The global environment has elevated both financial vulnerabilities and inflation risks.
地缘政治碎片化与重组“难以预测”???? 印度金融体系已“相当好地”吸收了西亚供给冲击—— CNBC-TV18 2026年10月3日全球利率也影响国内实际利率，而在国内，关注点在于增长与通胀的动态关系。地缘政治与阵营划分谈及正在进行的无数冲突及其引发的危机，他表示地缘政治正在增加不确定性。碎片化与重组以难以预测的方式相互作用。
The RBI governor touched upon how bond yields have hardened worldwide, with implications for sovereign borrowing.
与早前的P·K·米什拉一样，他也提到了西亚冲突，这仍通过更高的大宗商品价格构成风险敞口，尽管印度正从优势地位应对。这增强了信心，即印度能承受持续冲击，并正采取进一步措施化解影响。
In India, government bond yields have risen only partially in response to global oil and bond prices.????
不过，他指出也有利好一面。印度股市已从高估值回调，这可能利好资本流入。
RBI Guv Sanjay Malhotra On Financial Stability, Global Risks & Outlook “I Don’t See Any Signs Of Risk But We Need To Remain Alert”????
最显著的转变在于风险可能源自何处。一套新的金融风险体系正在形成。下一次金融冲击可能根本不始于银行，而可能由地缘政治事件或网络攻击引发。线上的危险马尔霍特拉在峰会致辞中还提到，网络风险被标记为最重要的担忧，因为它不受国界限制。
Geopolitical Fragmentation & Realignment Are “Difficult To Predict”???? Indian Financial System Has Absorbed West Asia Supply Shock “Quite… — CNBC-TV18 October 3, 2026Global rates also bear on real interest rates at home, and domestically the interest lies in growth-inflation dynamics.Geopolitics And AlignmentTouching upon the myriad ongoing conflicts and ensuing crises, he said that geopolitics is adding uncertainty. Fragmentation and realignment are interacting in ways that are difficult to predict.Like PK Mishra earlier, he also touched upon conflicts in West Asia, which remain a source of exposure through higher commodity prices, though India is navigating it from a position of strength. That gives confidence it can withstand lingering shocks, and further measures are being taken to defuse the impact.However, he noted that there is a silver lining. Indian equity markets have corrected from high valuations, which could be positive for capital inflows.The most notable shift is in where danger may originate. A new system of financial risks is taking shape. The next financial shock may not begin in a bank at all but could be triggered by a geopolitical event or a cyberattack.The Dangers Online Malhortra, during his address at the conclave, also spoke of cyber risk being flagged as the most important concern, because it knows no national borders. This calls for scenario analysis in risk management and better monitoring, especially as the financial system grows more complex.On the question of possible conflict between monetary policy and government debt management, the answer is that there is none. The two functions are separate and carried out by very different sets of people.No Room For Complacency India has been very cautious toward crypto for several reasons. These include the "singleness" of money and what its fragmentation would mean for monetary policy.
这要求在风险管理中进行情景分析并加强监测，尤其是随着金融体系日益复杂。关于货币政策与政府债务管理之间可能存在的冲突，答案是并不存在冲突。这两项职能是分离的，由完全不同的人员执行。不容懈怠印度基于多种原因对加密资产持审慎态度。其中包括货币的“唯一性”及其碎片化对货币政策的影响。主要问题在于跨境支付。然而，相关底层技术无论在央行内部还是外部均已得到应用。
The main problem is in cross-border payments. The underlying technologies, however, are being used both within the central bank and outside it. The message is steady confidence paired with vigilance. India is in a position of strength, but the nature of risk is changing, and complacency is the one thing it cannot afford.
传递的信息是稳健自信与保持警惕并重。印度处于优势地位，但风险性质正在发生变化，懈怠是绝对不能有的。
第五届考底利耶经济圆桌会议将于2026年10月3日至5日在新德里举行，主题为“动荡时代的韧性”。
The 5th Kautilya Economic Conclave is being held in New Delhi from October 3 to 5, 2026, under the theme “Resilience in an Age of Flux”.