Public sector lender Indian Bank is planning to stop operations of its loss making subsidiaries in the coming times. The bank has in the last few years made all possible efforts to revive these sick units but the efforts do not seem to have brought results.

CMD of the bank, Mr. TM Bhasin said that the lender would be sending across an application to the finance ministry in regard to these loss making units.

He said that in accordance to SEBI guidelines, in case of closure of its subsidiaries, shareholders in those would be given shares in Indian Bank.

The main loss making entities have been IndBank Merchant Banking and IndBank Housing. While the former reported losses worth Rs 10 crore in the last fiscal, the latter made loss of Rs 3.8 crore in the FY 2009-10.