The Reserve Bank of India and the Bank of Japan, on behalf of the Minister of Finance, Japan, have renewed their Bilateral Swap Arrangement (BSA) effective from February 28, 2026. This agreement, signed as the third Amendment and Restatement Agreement, allows both authorities to swap their local currencies for US Dollars. The total size of the BSA remains unchanged at up to 75 billion US Dollars. This arrangement is intended to strengthen financial cooperation between Japan and India, complement existing financial safety nets, and contribute to regional and global financial stability. The press release was issued on March 02, 2026, and is identified as Press Release: 2025-2026/2195. The contact for the Department of Communication, Central Office, Reserve Bank of India, is located at Mumbai - 400 001, with a phone number of 022 - 2266 0502.
Key Entities Referenced
Bilateral Swap Arrangement (BSA): A two-way financial arrangement between Japan and India allowing them to swap local currencies in exchange for US Dollars.
Reserve Bank of India: The central bank of India, acting as an authority in the Bilateral Swap Arrangement.
Bank of Japan: The central bank of Japan, acting as an agent for the Minister of Finance, Japan, in the Bilateral Swap Arrangement.
Japan: One of the countries involved in the Bilateral Swap Arrangement, alongside India.
India: One of the countries involved in the Bilateral Swap Arrangement, alongside Japan.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व ब ैंक
RESERVE BANK OF INDIA
वेबसाइट : www.rbi.org.in/hindi संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
March 02, 2026
Renewal of the Bilateral Swap Arrangement
between Japan and India
Japan and India renewed the Bilateral Swap Arrangement (BSA) effective from
February 28, 2026.
The Bank of Japan, acting as the agent for the Minister of Finance, Japan, and the
Reserve Bank of India signed the third Amendment and Restatement Agreement of the
BSA. The BSA is a two-way arrangement where both authorities can swap their local
currencies in exchange for the US Dollar. The size of the BSA remains unchanged, that
is, up to 75 billion US Dollars.
Japan and India believe that the BSA, which aims to strengthen and complement other
financial safety nets, will further deepen financial cooperation between the two countries
and contribute to regional and global financial stability.
(Brij Raj)
Press Release: 2025-2026/2195 Chief General Manager