LUCKNOW: Indian Institute Management, Lucknow, (IIM-L) will soon boast of an incubation centre . Titled 'Centre for Promotion of Financial Inclusion and Fintech', the centre will be set up by the Small Industries Development Bank of India (SIDBI), which has agreed to give a corpus of Rs 3.5 crore for a period of three years.IIM-L's Board of Governors (BoG), the institute's apex body for academic and administrative decisions, met on Monday and gave a nod to the setting up of the centre on its Lucknow campus. The centre, said a board member, is being established with an objective of capacity building and financial inclusion among the stakeholders. The incubation centre will also help in mentoring of the startups, thus giving thrust to innovation.The BOG also turned down the proposal of fee hike, giving relief to the upcoming batch of students. The IIM-L had proposed to raise its fee by 15%, which meant that students would have had to pay Rs 16 lakh for the two-year postgraduate programme. With this, the tuition fee for the students will stand at Rs 14 lakh for two years. The institute had, last year, increased its fee from Rs 10.80 lakh to Rs 14 lakh.In 2013, IIM-L had reduced its fee to Rs 10.08 lakh from Rs 12 lakh. So, in a board meeting held on March 12, 2016, it was resolved to keep the fee at Rs 14 lakh, a hike of around 30%. "The board stuck to its philosophy of providing high quality affordable education to students. Hence, no hike in fee," a board member told TOI, adding that the older, more-established IIM-Ahmedabad, Bangalore, and Kolkata have Rs 19 lakh as their fee. The newer IIM-Kozhikode charges Rs 16 lakh. Besides, the meeting consented on holding a pan India IIM conference in Lucknow in December.

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