IIM Ranchi has lowest fee structure of all IIMs
Studying at the new Indian Institute of Management (IIM) at Ranchi (Jharkhand) is going to be the cheapest in the country, with its fee set at Rs.6 lakhs for the flagship two year post graduate programme.
The amount being charged by IIM Ranchi (IIM-R) is almost half of that charged by the most expensive IIM in India that is, Ahmedabad, which charges a fee of Rs.13.7 lakhs for their two year post graduate programme.
To help build up its infrastructure, IIM-R is being granted funds by the Ministry of Human Resource Development (MHRD), which is the first for any IIM in the country.
Dinesh Verma, Chief Administrative Officer of IIM-Calcutta (IIM-C) has said that they will be mentoring IIM-R and are currently in the process of recruiting faculty members for it. He added that the funds from MHRD would allow the new institution to sustain itself only for the course fee in the initial years.
Sources from IIM-C claimed that the initial fee at IIM-R was kept low so that talented students who are unable to pay high fees of other IIMs could seek admission there.
Another reason for this, they added, is that the infrastructure at the IIM is not yet in place and the recruitment of teachers is still under way.
Initially, IIM-R has planned to admit around 56 students for this academic year and only those who have scored 95 percentile in the Common Admission Test (CAT) have been called for personal interviews and group discussions.
When asked whether IIM-R would offer scholarships to students, Verma said that the decision would be taken by the Board of Governors of the institute, which is being formed under the guidance of former CMD of Maruti-Suzuki, R.C. Bhargava.
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