A very frequently asked question by most of the MBA aspirants in India, in terms of course and content, there is no major difference between the two.
However, an MBA degree is awarded by business schools which are part of a University. For example, Faculty of Management Studies (FMS) in Delhi awards the MBA Degree as it is a part of Delhi University.
On the other hand a diploma is awarded by autonomous Business Schools which are not Universities. For example, all the IIMs in India award a Diploma in Business Management. For example, IIM Ahmedabad awards the Post Graduate Diploma in Business Management (PGDBM) for its two year post graduate management course.
Although the degrees awarded may be different, a PGDBM is considered equivalent to an MBA. The reputation of the institute awarding the degree should be considered while making the decision of joining a management course.
More information about the same would be available on the website http://www.mbaduniya.com which is a site dedicated for information about Indian MBA.
