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Hello Rash Mittal,
PGDM stands for Post Graduate Diploma in Management, the confusion starts when you see the term Diploma. Many students are of the view that it is a Diploma course and not a Degree. You are right to an extent that it is a Diploma. The main reason why postgraduate courses are named as PGDM is because when an Institute is an autonomous body (meaning it is not affiliated to any University) and conducts management courses then such Institutes cannot offer MBA degree. IIM based diploma programme approved by the AICTE, Innovative programme, High flexibility; Autonomous, thus more dynamic; High placements
MBA: University based degree programme approved by the UGC, Traditional programme, Low flexibility, Strictly regulated, Average placements. A two year management degree expands to Master of Business Administration, only Universities can grant MBA degrees. It could be a recognized foreign university or an Indian University.

MBA is good option.MBA is a career oriented course which provide better placement and quality servuce to the students. There are certain career options available to the students.
There are certain career options for you after doing MBA in Finance. Cost and Management AccountingChartered Financial Analysist, Chartered Accountancy, Company Secretary Course. U can also do Doctor of business MBA, P hd (Managemet) etc for the depth knowlege. Otherwise u can also appear for the competetavie exam conducted by certain departments. There are certain colleges /institutes providing quality education and better placement services to the students. Some of the best institutes are:-
1. Lovely professional University
2. Sikkim University
3. Kuruksetra University

The eligibility criteria to apply for the MBA course is as follows:
An undergraduate degree or equivalent (as defined by Association of Indian Universities (http://www.aiuweb.org/) in Engineering with a minimum of 60% / 6.5 CPI) aggregated over all semesters or a Graduate degree in any branch of Sciences (e.g. MS, M.Sc. etc.) with a minimum aggregate of 60% / 6.5 CPI).
Candidates appearing for the final degree examination can also apply. Such candidates, if selected, will be admitted provisionally. They have to complete all requirements for the qualifying degree at the time of joining the course.
Candidate must have at least 60% marks or 6.5 CPI on a scale of 10, aggregated over all semesters.
Candidate with a M.Sc. as qualifying degree must have at least 60% marks or 6.5 CPI on the scale of 10 in bachelor's degree as well as in M.Sc. degree, aggregated over all semesters.
For candidates with an M.Tech degree the B.Tech./B.E./ M.Sc. degree would be considered as qualifying degree.
SC/ST candidates must have at least 55% marks or equivalent in CPI, when aggregated over all semesters