Cabinet to give nod for seven new IIMs

New Delhi, Aug.27 (ANI): The Union cabinet on Thursday is likely to approve the setting up of seven new Indian Institute's of Management (IIMs) as well as interest subsidy on educational loans for students belonging to economically weaker sections.

The seven IIMs, already announced two years ago, will come up in Tamil Nadu; Jammu and Kashmir; Jharkhand; Uttarakhand; Haryana; Chhattisgarh and Rajasthan.

In Jharkhand, the IIM will be situated in Ranchi.The IIM in Chhattisgarh will be in Raipur, the one in Tamil Nadu in Tiruchirapalli, while Haryana's will be in Rohtak. The location of IIMs in Uttarakhand; Jammu and Kashmir and Rajasthan is yet to be decided.

Each IIM would need Rs 250 crore for it to be fully functional.

The interest subsidy scheme will cover loans taken by students from scheduled banks to pursue any approved course in technical and professional streams in recognised institutes in the country. Students whose family income is less than Rs 4.5 lakh per annum will be eligible under the scheme.

These students will avail the benefit for a moratorium period which is one year from completion of the course or six months from joining a job, whichever is earlier. (ANI)