Varsity to hike deposit for medals, scholarships

A DH file photo of Crawford hall, the administrative block of University of Mysore.

This was decided at the Academic Council meeting held here on Monday. Prof V G Talawar, vice-chancellor of the university, said the Syndicate had approved increase in deposit money from those interested in instituting scholarships and gold medals in the subjects of their interests.

Accordingly, the varsity is planning to hike deposit for awarding scholarship from Rs 25,000 to Rs 50,000, for awarding gold medal from Rs 40,000 to Rs 50,000 and from Rs 25,000 to Rs 40,000 for awarding cash prize.  The members opined that the proposed hike was meagre and favoured further hike.

B Ramu, registrar (Evaluation) informed the meeting that the university was incurring an expenditure of Rs 4,500 per gold medal whereas interest earned out of deposits is hardly Rs 1,500.

There is a big gap between interest and expenditure in giving gold medals. Even for the silver medal with gold plated also costs Rs 5,000 a piece.

Out of interest, 20 per cent goes towards principle amount because of which hardly anything is left for making of gold medals. In the wake of this there is an immediate need to increase in endowment for awarding scholarship and gold medal.

Prof Talwar opined that donors, who are really interested in instituting endowment do nut bother if the minimum amount is increased. Sometimes, the university feels why gold medals should be given in the wake of spiralling prices of yellow metal in market.

 The gold price is going up everyday and whatever amount deposited by donors for giving gold medals is not at all sufficient.

Ramu also favoured hiking minimum amount for instituting endowment for awarding cash prize as candidates hardly get any amount. In majority cases, the cash prize is not even Rs 100 and in that case what is the use of giving cash prize, he questioned.

 The VC said the interest on fixed deposit is hardly 6.5 per cent when compared to 10.5 per cent to 11 per cent a few years ago. Naturally, interest money is negligible.

After discussion, the VC said that the Academic Council proposes to hike minimum deposit for instituting scholarship from Rs 25,000 to Rs One lakh for awarding a gold medal from Rs 40,000 to Rs One lakh and for awarding a cash prize from Rs 25,000 to 50,000. He said the issue would be once again taken up in the coming Syndicate meeting for ratification and send it to the State Government for its approval.

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