India and Japan have expanded their bilateral swap agreement designed to help each other in the event of a forex crisis or a short-term liquidity crisis.

Bank of Japan (BoJ) and the Reserve Bank of India (RBI) have concluded an agreement that expands the amount to $50 billion from its original size of $15 billion.

This agreement was signed by BoJ Governor Haruhiko Kuroda and RBI Governor Raghuram G. Rajan and has become effective as of yesterday. The agreement shall be effective till December 3, 2015.

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