Cabinet nod to India-Japan $75-bn swap arrangement to curb currency volatility2Photo© news18.com

Cabinet nod to India-Japan $75-bn swap arrangement to curb currency volatility

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New Delhi: The Union Cabinet on Thursday approved a proposal for a $75-billion bilateral swap arrangement between India and Japan, a move aimed at enhancing the RBI's ability to manage exchange rate volatility.

In a release, the government said the Cabinet chaired by Prime Minister Narendra Modi has approved the proposal for entering into an agreement for the bilateral swap arrangement (BSA) between India and Japan.

The arrangement authorises the Reserve Bank of India (RBI) to sign the agreement for bilateral swap arrangement between the RBI and the Bank of Japan for a maximum amount of $75 billion.