RBI approves HDFC Bank's Centurion buy

India’s HDFC Bank said the central bank has approved its acquisition of Centurion Bank of Punjab, with effect from May 23.

The combined entity would have a nationwide network of 1,167 branches and a net advances of 890 billion rupees ($21 billion) and deposit base of 1.22 trillion rupees, it said in a statement issued late on Tuesday.

HDFC Bank agreed to buy smaller rival Centurion in February in all-share deal worth $2.4 billion at that time.