In exercise of the powers contained in Sub-section (4) of Section 44A of the Banking Regulation Act, 1949, the Reserve Bank of India sanctioned the Scheme of Amalgamation of Bank of Punjab Ltd. with Centurion Bank Ltd. The Scheme shall come into force with effect from October 1, 2005. All the branches of Bank of Punjab Ltd. shall from October 1, 2005, function as branches of Centurion Bank Ltd.