The decision to hike fees was approved by the IIM Bangalore board of governors at its annual general meeting. When contacted, sources at IIM-B confirmed that the fee hike had been cleared in the AGM on March 28.
The IIM-B move paves the way for similar fee hikes by the other two older IIMs namely IIM Ahmedabad which has its board of governors AGM scheduled for April 2 and the IIM Kolkata AGM which too is slated this month.
While the three older IIMs charge a fee of around Rs 1.5 lakh with minor variations, the newer IIMs namely those at Indore, Lucknow and Kozhikode charge substantially less at around Rs 1.25 lakh. Of the three old IIMs, IIM-B and IIM-A have held on to their fee structure for the last three years.
The three new IIMs and IIM-C had increased their fees last year.
The three older IIMs do not rely on the Centre for funding. They take care of expenses entirely on their own while the newer IIMs rely heavily on funding by the Centre.
The move to hike the fees, according to IIM sources, was on the cards for some time now to offset the rising costs of top-class global facilities provide to students.