Management seat aspirants to the Indian Institute of Management-Bangalore (IIM-B) will find that their dream course just got more expensive.
The prestigious B-school has hiked its fee from Rs. 11 lakh to Rs. 13 lakh for its flagship two-year Postgraduate Programme in Management. This is the third year in a row that the institute has hiked its annual fee.
The fee hike, which has been rumoured for long, was confirmed by the institute's director Pankaj Chandra here on Monday. Prof. Chandra said that with an increased intake of 375 this year, the institute will meet the expansion requirements mandated by the implementation of the OBC quota.
In 2011, he said, the institute plans to increase intake to 420 by adding an additional section of students.
Prof. Chandra was speaking to reporters after attending the annual meeting of the Board of Governors, chaired by Chairman and Managing Director of Reliance Industries Ltd. Mukesh Ambani.
With this announcement, the effective fee structure will be Rs. 6.25 lakh and Rs. 6.75 lakh for the first and second year respectively, for students joining the prospective batch of 2010-2012.
Prof. Chandra also pointed out that the institute had doubled its grants, provided to students who seek financial assistance, last year.
To queries on the IIM-B's vision to retain faculty in the face of increased competition in the event of the passing of the Foreign Universities Bill, Prof. Chandra said that the institute would ensure that the best teachers stayed back with them.