The fee for the same course at IIM Bangalore is Rs. 17 lakh and Rs. 16.6 lakh at IIM Ahmedabad, officials said.
IIM Lucknow has not hiked any fee since 2011.
"In the last nine years, the institute's impetus has been on efficient financial management and broad-basing our revenue sources. We have been successful in achieving this," Singh said.
JJ Irani, chairman of IIM Lucknow's board of governors, said: "In today's environment, when education is becoming costlier, IIM Lucknow would like to take a lead. This decision will help many needy students to undertake education at institutions like ours."