The Department of Commerce came into being as an adjunct to the Department of Economics in the year 1940, the Silver Jubilee year of the Banaras Hindu University. The Department gained an independent status in a very short span of time. The Department of Commerce continued with its pace of growth and in the year 1965, on the eve of the Golden Jubilee year of the Banaras Hindu University, the Department of Commerce was raised to the status of a separate full-fledged Faculty. 

Heralding a new era in the year 1968-1969, the Faculty of Commerce introduced Management courses as a separate discipline of study. The growth journey of the Faculty of Commerce witnessed new heights in the year 1975, the Diamond Jubilee year of the Banaras Hindu University. In the very same year, the Faculty of Commerce was renamed as the Faculty of Commerce and Management Studies with two separate Departments in its fold. The renamed Faculty of Commerce and Management Studies grew leaps and bounds in the next few years. The growth of the faculty was giving rise to a new change in terms of a pressing need for separating the two departments as two independent faculties. By the year 1984, both the departments were given the status of two independent faculties, namely 'Faculty of Commerce' and 'Faculty of Management Studies'. 

Since 1984, the Faculty of Commerce is offering courses leading to B.Com.(H), M.Com. and Ph.D. The faculty introduced a separate course in the name of Master of Finance and Control (MFC) on self financing basis in the year 1999. This was followed by three more courses, viz. Master of Risk & Insurance Management (MRIM), Master of Foreign Trade (MFT), and B.Com. (H)-FMM. Recently, the MFC and MRIM have been renamed as Master of Financial Management and Master of Financial Management (Risk & Insurance) respectively. The Faculty draws students for their different courses not only from different parts of the country, but also from foreign countries. At present, approximately 1500 students are studying in various courses.

The faculty has very rich infrastructure facility. It has its own library catering to the needs of the students of different courses. The library has a treasure trove of excellent books on various facets of business and commerce. The faculty has an excellent computer lab of its own which is fully equipped with the modern computer network based on Wi-Fi and LAN internet connectivity. The computer lab compliments the classroom pedagogy and provides the much needed facilities to the students for navigating through network and using email, web -surfing, etc. The computer lab is supplemented with 3 Seminar Halls and an Auditorium. For facilitating the smooth stay of students, there are separate hostels for boys and girls.

Presently, the faculty strength is 46, reflecting a wonderful mix of experienced and young talents. Besides having published and presented a large number of research papers, the Faculty members have produced more than 250 Ph.D.s and completed a number of research projects. In addition, a number of major and minor research projects are in progress. The Faculty has also organized many national and international seminars and conferences, including two All India Commerce Conferences and one All India Accounting Conference. The well qualified and energetic Faculty, through its academic acumen, is fully prepared and geared to embrace the academic and research challenges emanating from the rapidly changing complex business environment.

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