The interest earned on the corpus fund is used by the IIMs in running the educational programmes of the institutes so as to help brilliant young management aspirants of all communities in both urban and rural areas realise their dreams. In 1994, the government, under the revised pattern of funding, had allowed the IIMs at Ahmedabad, Bangalore and Kolkata to raise funds and build a corpus of their own. As of March 31, 2008 IIM Kolkata had built a corpus fund of INR 110.18 crore, Minister of State of Human Resource Development D Purandeswari said in a written reply.

Other institutes like IIM Ahmedabad had a corpus of INR 50.09 crore till March 31 this year while IIM Bangalore's was INR 36.14 crore. The institutes have a separate scheme for extending financial assistance to students under 'need based policy.' However, the minister also clarified that the institutes do not have special scheme to admit students belonging to minority category.

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