In August 1994, ‘HDFC Bank’ was incorporated, with its registered office in Mumbai, India. It commenced operations as a Scheduled Commercial Bank on 5th January 1995 after receiving banking license. The bank also entered into strategic alliance with National Westminster Bank group. In February, 2000, Times Bank Limited merged with HDFC Bank Ltd. This was the first merger of two private banks in the New Generation Private Sector Banks category. In 2008, Centurion Bank of Punjab was acquired by HDFC Bank Ltd. HDFC Bank Board on 25 February 2008 approved the acquisition of CBoP for Rs 9,510 core in one of the largest mergers in the financial sector in India. In February, 2000, Times Bank Limited merged with HDFC Bank Ltd. This was the first merger of two private banks in the New Generation Private Sector Banks category. In 2008, Centurion Bank of Punjab was acquired by HDFC Bank Ltd. HDFC Bank Board on 25 February 2008 approved the acquisition of CBoP for Rs 9,510 core in one of the largest mergers in the financial sector in India.