Prof. D. G. Karve, a renowned economist and former Deputy Governor of the Reserve Bank of India was the First Principal of the College. After Prof. Karve several able, dedicated and distinguished Principals played a very significant role in the development of BMCC.
Prin. S. V. Kogekar, Prin. Dr. T. M. Joshi, Prin. N. A. Mavlankar, Prin. Dr. N. K. Kulkarni and Prin. Dr. C. G. Vaidya, played pivotal role in development of the college.