According to the annual report of the institute, despite an annual fund deficit of ₹82 crore, the institute had to repay a loan sought from HEFA, further crippling its finances. According to sources, IIT-B — one of the six Institutes of Eminence (IoEs) — received a loan of ₹520 crore from HEFA in 2017. Of the ₹520-crore loan, IIT-B repaid the first instalment of ₹41.5 crore, despite a financial strain that has marred the institute’s workings. The repayment of HEFA loan comes at a cost, said professors at the institute. IIT-B institute spends 54% of its income on salary, wages and retirement benefits for employees.

Source: Hindustan Times December 29, 2019 18:04 UTC