diff --git a/release/models/bfd/openconfig-bfd.yang b/release/models/bfd/openconfig-bfd.yang
index b93212afe..fbf8df480 100644
--- a/release/models/bfd/openconfig-bfd.yang
+++ b/release/models/bfd/openconfig-bfd.yang
@@ -26,13 +26,13 @@ module openconfig-bfd {
     "An OpenConfig model of Bi-Directional Forwarding Detection (BFD)
     configuration and operational state.";
 
-  oc-ext:openconfig-version "0.3.0";
+  oc-ext:openconfig-version "0.3.1";
 
   revision "2024-06-26" {
     description
       "Add sessions subtree at interface level for configuration of
       static BFD single-hop sessions.";
-    reference "0.3.0";
+    reference "0.3.1";
  }
 
   revision "2024-03-05" {