Bangalore: Students aspiring to join the Indian Institute of Management Bangalore (IIM-B) will have to shell out extra money from this year. On Monday i.e. on March 29, 2010, the institute's Board of Governors met under the chairmanship of Reliance Industries Chairman Mukesh Ambani. In the meeting, it was decided to revise the fees from Rs 11.5 lakh to Rs 13 lakh from the academic year 2010.
With this, IIM-Bangalore is the first among the IIMs to hike the fees. The class of 2010-12 will pay Rs 1.5 lakh more. The intake for 2010 batch has been increased from the existing 350 to 375. For 2011-12 batch, it will be further increased to 425 seats, with an additional section. With the increase in the intake, the institute will have complied with the 27% OBC quota, IIM-B director Pankaj Chandra said.
As per sources, in the academic year 2009 -10, the institution had provided financial assistance of Rs 4.38 crore to 136 students.