IIMB Board of Governors okay fee hike, 7% increase in intake

By Staff
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Google Oneindia News

Bangalore, Jan 30 (UNI) The Board of Governors of the Indian Institute of Management-Bangalore (IIMB) today approved the fee hike for post graduate management courses from Rs 1.75 lakh to Rs two lakh and a seven per cent hike in intake to accommodate students from OBC category.

Speaking to reporters after the Board meeting, IIMB Director Prakash G Apte said the Board, chaired by Reliance Industries CMD Mukesh Ambani, approved the fee hike and increase in intake as per the recommendations of the Oversight Committee to accommodate 27 per cent reservation in higher learning for OBC students.

''We are going to increase the intake in a phased manner. In the coming academic year, it will be seven per cent. The seats in PG management courses will go up from the present 250 to between 280 and 290. The fee hike will be uniform among all the six IIMs, which would ratify such hikes individually,'' he said.

However, the Director said students who faced financial crunch would be taken care of. ''No student will discontinue his studies in this Institute for want of sufficient finance. We will provide them freeships and arrange for bank loans. The fee hike is being effected mainly because of increase in disbursal of freeships,'' he added.

Dr Apte said the Institute had shelved its earlier plan of building a second campus in the city, for which it had sought additional funds from the Union Government. Instead, it would be expanding the existing sprawling facility on the Bannerghatta Road by building more class rooms and other buildings. The Government had allocated an additional Rs 45 crore budget, in response to the IIMB seeking Rs 140 crore for the purpose.

The Board also decided to rationalise the sharing of consultancy fee earned by the faculty members to ensure avenues for substantial earnings, other than the financial package offered to them. Under the new formula, the faculty would be allowed to keep full amount of up to Rs six lakh and then share equally the amount earned in excess of this sum. Earlier, they had to share the entire earnings at a ratio of 60:40, with the major portion retained by the faculty. The Institute would also compensate the faculty who taught for more than the prescribed 100 hours of teaching a month, he said.

Asked about the proposed Singapore campus, he said the Institute would only be starting a programme and not build its own campus in the city-State. The MoU process was about to be completed, he added.

UNI

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