Mumbai: Reserve Bank of India (RBI), today approved the scheme of amalgamation of Centurion Bank of Punjab (CBoP) with HDFC Bank with effect from 23May.
The combined entity would have a network of 1,167 branches, a strong deposit base of around Rs1,22,000 crore and net advances of around Rs89,000 crore.
After the amalgamation, all the branches of Centurion Bank of Punjab will function as branches of HDFC Bank, a RBI release said here.
With this approval, all requisite statutory and regulatory approvals for the merger have been obtained, according to a HDFC Bank release.
The balance sheet size of the combined entity would be over Rs1,63,000 crore.