Rashtriya Shikshan Mandal is a public charitable trust, founded in 1924, as part of freedom movement by devoted visionary workers in the field of education. Ayurved being Rashtriya Vaidyak (Indigenous medical sciences) was the field of education chosen. To facilitate the medical students a hospital named ‘Seth Tarachand Ramnath Ayurvedic Hospital’ was started on charity basis. This was followed by an Ayurvedic medicines manufacturing unit ‘Ayurved Rasashala’ to cater the need of quality medicine.

In 2004, Rashtriya Shikshan Mandal felt the need for starting a new institute especially for the propagation of management education for the students of Ayurveda and hence started Research Institute of Health Sciences & Management (RIHSM). In the year 2009, after securing the approval from All India Council of Technical Education (AICTE), RIHSM started its first M.B.A. batch affiliated to Pune University.