He founded Bharatiya Jnanpith on 18 February 1944 at the suggestion of many scholars who had gathered at Varanasi for All India Oriental Conference.
Though he belonged to an illustrious family of landlords and financiers, it was his father-in-law Ramkrishna Dalmia's who heralded his entry into big industrial business by handing over charge of the famous Rohtas Industries Ltd at Dalmianagar in Bihar.