The IIMB Board approved the hike, and the IIMB's director Prakash G Apte justified the move, saying the students earn anywhere between Rs 8 lakh and Rs 10 lakh per annum after the programme and hence can easily afford this.
Apte said the cost of the programme per student on an average works out to Rs 4 lakh for IIM-B.
"We have no other go but to increase the fee," he said. "Students also have access to scholarships".
IIM-C plans fee hike
The Indian Institute of Management, Calcutta has proposed to hike its fees from the next session.
"There is a proposal for hike in fees from Rs 1.75 lakh to Rs 2 lakh. It, however, has to be ratified by the board," IIM-C head admissions Ashish Bhattacharya told PTI.
The board will meet on April 1 to clear the proposal. Sources said fee hike was a normal procedure and revised from time to time.
All the five IIMs propose to revise the fees after their respective boards give the nod.
