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Chennai March 1 Madras School of Economics on Thursday received a grant of Rs 30 lakh from Oriental Bank of Commerce. Dr D.K. Srivastava, Director, MSE, told Business Line that the funds would be used for building infrastructure — essentially for building a library and a computer lab — and creating a corpus for meeting the institution's running expenses.

MSE runs two 2-year post-graduate courses in Economics and Financial Economics. The latter was set up with the help of a Rs 1-crore grant received recently from Canara Bank. The institution today has 63 students and 12 professors.

Dr Srivastava said that the total expenditure of the institution worked out to Rs 2.5 crore a year, which is met from interest from various endowments, student fees (which are subsidised) and fees from studies and projects undertaken for third parties.

Answering a question, Dr Srivastava said that the institution needed more funds to expand. It needs some funds immediately to set up another post-graduate course in Actuarial Economics. "We need more specialist faculties," he said. The course is planned to be introduced next year.

Speaking at a function held at MSE for giving the donation, the Chairman and Managing Director of Oriental Bank of Commerce, Mr K.N. Prithviraj, noted that unemployability rather than unemployment was the main problem.

He said that Indian banks, especially public sector banks, needed to hire talented professionals, but observed that the present remuneration structure posed challenges.

More Stories on : Society & Development | Education | Public Sector Banks | Oriental Bank of Commerce | Tamil Nadu

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