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Central Bank of India's capital revamp plan gets nod The Union Cabinet on Thursday approved an equity capital restructuring plan of Central Bank of India to strengthen its balance sheet and help raise capital at a competitive cost. Under the plan, the bank would convert Rs.800 crore of its equity capital of Rs.1,124 crore into Perpetual Non-Cumulative Preference Share capital at an annual floating coupon of 8 percent (benchmarked to repo rate plus spread of 100 basis points). The coupon rate would be readjusted annually based on the prevailing repo rate on the relevant date. New non-life insurance joint venture Allahabad bank, Indian Overseas Bank, Karnataka Bank ltd., Dabur Investment Corporation and Sompo Japan Insurance Inc have come together to form a non-life insurance company. The proposed company shall be called Universal Sompo General Insurance Company Ltd. The shareholding pattern will be Sompo Japan 26%, Allahabad Bank 30%, Dabur Investment 10%, Karnataka Bank 15% and Indian Overseas Bank 19%.