When Did Bombay Change Its Name to Mumbai?

According to an excerpt from the Junior Worldmark Encyclopedia of World Cities hosted on Encyclopedia.com, the name Bombay was changed to Mumbai in 1995. The name is derived from the Hindu deity Mumba Devi.

Mumbai was founded in 1668, initially as a British fort meant to protect the empire's trading interests. During the 18th century, Mumbai became a major manufacturing and industrial center. The city later became the financial and commercial capital of India. It is the capital city of Maharashtra State. Mumbai lies at sea level, with 23 miles of coastline and a tropical monsoonal climate. The majority of the city's inhabitants are of Maratha ethnicity, with Gujarati peoples being the most sizable minority group.