Diploma
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MBA is a program which is affiliated to a university.
Colleges which offer AICTE approved courses will also offer PGDM not MBA, for example XYZ College is affiliated to ABC University they offer MBA course affiliated to that University, the same college is offering AICTE approved course it means they are offering PGDM which is not linked to ABC University.
Typically if any PGDM is to be equivalent to MBA then the course duration should be 2 years, a 1 year PGDM will not be equal to MBA course.
Even IIMs, XLRIs doesn't offer MBA degrees they only give PGP Diploma or P
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