RBI and Japan’s BoJ Renew Bilateral Swap Arrangement for USD 75 Billion
In February 2026, the Reserve Bank of India (RBI) and the Bank of Japan (BoJ), acting as the agent of the Minister of Finance, Japan, have signed the third Amendment and Restatement Agreement of the Bilateral Swap Arrangement (BSA) for up to USD 75 billion.
In February 2026, the Reserve Bank of India (RBI) and the Bank of Japan (BoJ), acting as the agent of the Minister of Finance, Japan, have signed the third Amendment and Restatement Agreement of the Bilateral Swap Arrangement (BSA) for up to USD 75 billion.
- The renewed BSA became effective from 28 February 2026, aiming to strengthen bilateral financial cooperation and enhance economic stability between the two countries.
Background:
Origin: The BSA between India and Japan was initially signed in October 2018 and the first restatement occurred in 2022. The current 2026 amendment represents the third such restatement, reaffirming the long-term commitment to mutual financial assistance.
Nodal Agencies: The RBI manages the Indian side, while the BoJ executes the agreement on behalf of the Japanese Ministry of Finance.
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