The Comptroller and Auditor General (CAG) report exposed that Mumbai University’s management institutes Jamnalal Bajaj Institute of Management Studies(JBIMS) in Churchgate and Alkesh Dinesh Mody Institute for Financial & Management Studies (ADMIFMS), Kalina campus are looting management students by charging excessive fees for years. The CAG report was obtained through RTI by Pune activist Vihar Dhurve.

As University didn’t maintain last 2 years’ accounts, CAG looked into previous years’ expenditure.

In 2008-09,

JBIMS earned Rs. 66.65 lakh (Expenses for the study material – Rs. 1.97 lakh)

ADMIFMS earned Rs. 18.31 lakh (Expenses for study material – Rs. 93,000)

In 2010,

JBIMS earned Rs. 87 lakh (Expenses for the study material – Rs. 75,000)

ADMIFMS earned Rs. 16.22 lakh (Expenses for study material – Rs. 86,000)

This shows that JBIMS had a surplus of Rs. 11.7crore and ADMI had a surplus of Rs. 1.1 crore in these 2 years.

For charging high fee, both the institutes claimed that students would be given books from reputed institutes along with photocopy of the study material.

Don’t you think now the state-owned colleges have also started reaping profits from students like the private business schools?

P.S. The pic is only for representation purpose.

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