Deutsche Bank made the announcement on Monday evening after a special meeting of the supervisory board ahead of its regular meeting on Tuesday, at which the bank will announce its quarterly results.
Jain did not want to financially burden the bank with his own, personal decision to quit
Anshuman Jain became the co-head of Deutsche Bank in 2012 along with Juergen Fitschen.
Anshu Jain spent 20 years building Deutsche Bank.
Last month, German lender said it was co-operating with regulators in global foreign exchange probe.
The academic prize is sponsored by the Deutsche Bank Donation Fund and carries an endowment of euro 50,000.
Jain, who, landed the top spot at Deutsche in 2012, had to resign following criticism from investors
Deutsche Bank in India has managed to avoid the bad-loan problems plaguing its rivals such as Standard Chartered Plc.