The College is one of the oldest Higher education institution of the area. Realizing this importance social activist, businessmen and learned persons of the district to name a few: Sri Muneshwer Singh, Sri Permeshwer Dutt Jha, Sri Jyoti Prakash etc; came forward and promoted the establishment of the college on 6.45 acre of land donated by Mr. Jha. On that piece of land the premises of present college is situated.
Sri Paras Nath Sinha was made its first principal. The principal Sri Muneshwar Singh made available different contributions and donations from the university to run the college in the very poor and backward district of Palamu and providing quality education for the poor boys who were meritorious but not able to go to Ranchi to continue their education opting Commerce as a main subject. Bihar government felt it very necessary on the ground of running performance of the college and increasing number of students year by year to take over the financial burden of the college and awarded it a constituent unit of RanchiUniversity, Ranchi in 1980.
In 2009 the Nilamber-Pitamber University was established in Medininagar by the government of Jharkhand and this college get its opportunity to become a premier college of Commerce of this University. The college is now pursuing U.G. courses in Nine Departments and P.G. courses in three Departments for about 2700 enrolled students in total.
The college is inclined and focused towards: