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Hi Arvind,
Both IIM Jammu and NIBM Pune are excellent for the MBA. One thing is that IIM Jammu carries it's own prestigious reputation of being an IIM where as the NIBM Pune has strong connections when it comes to banking and finance sector and the placements are also well praised for NIBM.
To keep everything simple I would suggest NIBM Pune as it offers better placements and importantly it's proximity to your home city Mumbai.
All the best!
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