Conducting cutting-edge research for societal impact is an integral component of the faculty’s association with IIT Bombay. Our faculty require world-class laboratories and a thriving academic ambiance that can nurture their research work. Alongside, IITB’s faculty and researchers also need to strengthen their global visibility as well as collaborations with industry and corporates. To meet this requirement on an ongoing basis, the Institute has established a Faculty Development Fund in 2001, through generous support from its alumni. This initiative has played an important role in our faculty’s growth and recognition.

The Retired Faculty Wellness Fund (RFWF) is a supplementary medical insurance program initiated by the Class of 1984 as ‘GURUDAKSHINA’ for their teachers who retired prior to 2004. The genesis of the program came from a lack of regular medical coverage for IITB faculty who retired before 2003.The RFWF provides supplementary medical insurance from ICICI Lombard to all retired faculty members (and their spouses). This is a family floater plan for a ‘closed group’ consisting of retired professors, spouses, and spouses of deceased professors. No new faculty members are admitted to this group. The annual premium for this closed group policy is paid out of the Retired Faculty Wellness corpus.

The YFA program offers outstanding young faculty from all over the world the opportunity to join IIT Bombay’s prestigious faculty body, provides an ecosystem for them to engage in trailblazing research, reduces the financial burden they face, and facilitates their smooth transition to IITB from industry and/or their stints at foreign universities, and more. Hiring these extraordinary young faculty enhances the learning experience of students at the Institute, which, in turn, results in the overall growth of IIT Bombay
Over the past decade, the Institute, with the generous support of our alumni, has successfully attracted some of the very best faculty members by instituting the Young Faculty Awards (YFA). The new faculty members either replace retiring faculty members and/or augment IITB’s existing faculty.
The “Young Faculty Joining Bonus,” initially a Class of ’82 Legacy Project, has been awarded to competitive young faculty members since 2010. The classes of ’78, ’83, ’84, ’85, ‘88,’89, ’90, ’91, ’92,’93 and 94 have also joined this project.
YFA gives a joining bonus of 4 lakhs (USD$ 6,600) over a period of 3 years to every new faculty hire at IIT Bombay. Incentivization has led to a significant increase in the acceptance rate of appointment letters at the Institute.
Your contributions to this program can help us hire the best and brightest minds from all over the world to the Institute, which will facilitate our mission to contribute to nation-building by pursuing path-breaking research and developing technological innovations.

Alumni can create an endowed chair or professorship for exceptional scholars and researchers. The Chair Professorship is a distinguished academic position that recognises the outstanding teaching/research work and achievements of the permanent faculty members of the Institute. The position also seeks to attract exceptional academicians to join the Institute as visiting faculty and add to the overall educational journeys of students at the Institute.
Each Chair is supported by an endowment created from a donation made to the Institute. The establishment of new Chair Professorships is essential if IIT Bombay is to attract and retain high-quality research faculty. This is integral to the Institute enhancing its position as a leading global technology institute. Interest from the endowment is used to meet the expenses of the Chair which include an honorarium and contingency expenses. The salary of the Chair Professor and all other benefits (housing, medical, etc.) continue be allocated from Institute funds.