New Delhi: Keeping to their promise of providing financial aid to needy students in the wake of the controversy over their exorbitant fees, five Indian Institutes of Management have provided nearly Rs 1.8 crore as scholarships to 255 students this academic session.

While IIM Ahmedabad disbursed Rs 69.78 lakh to 79 students, IIM Bangalore gave Rs 53.8 lakh to 56 students and IIM Lucknow gave 48.68 lakh to 101 students. IIM Indore has helped ten students with Rs five lakh and IIM Khozikode distributed scholarships worth Rs 2.4 lakh among nine students, an official release said today (Sep 3, 2004).

The IIM Kolkata has received 80 applications this session for the Need Based Financial Assistance scheme, which is provided to pupils whose annual family and parental income does not exceed Rs 2 lakh.

The IIMs at Bangalore, Indore and Khozikode have extended the date for submission of applications on this count and would process them within the next two weeks, the release said adding that IIM Indore was considering 21 more applications involving an amount of Rs 21 lakh.

The chairmen and directors of the prestigious institutions had met the HRD Minister Arjun Singh on June 29 and undertook to ensure that no student faced any difficulty in pursuing education for want of financial assistance.

The scheme was finalised by the Board of Governors of all the IIMs.