BANGALORE: The Indian Institute of Management Bangalore (IIMB) on Tuesday decided to hike the fees for its two-year post-graduate programme from Rs. 1.75 lakh per annum to Rs. 2 lakh from the coming academic year.

At a meeting here, IIMB's Board of Governors approved the proposal. The meeting was chaired by Reliance Industries chairman and managing director Mukesh Ambani.

Later, IIMB Director Prakash G. Apte told journalists that all IIMs would have an identical fee structure.

Justifying the fees hike, he said the annual cost per student was Rs. 4 lakh. The student intake was being increased by 30 this year.

To attract and retain teachers, the IIMB board approved a proposal to enhance salaries with immediate effect. Under the new arrangement, teachers taking up consultancy projects would not be required to share income generated up to Rs. 6 lakh. Beyond that figure, the income would be shared between the faculty and the institute on a 50:50 basis.

Till now, the teachers were required to part with 40 per cent of the income from such projects with the institute.

Better pay would be provided to those taking classes as part of executive programmes. Teachers working beyond the required hours would also be provided benefits, Mr. Apte said.

Also, the IIMB had dropped its plans for an additional campus close to the existing one. The expansion would be within the existing campus on Bannerghatta Road, Mr. Apte said.

To a query on the Singapore campus, he said the initiative was on track.

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