The College was established in the year 2003 after the State Government gave permission to start college on ‘permanently unaided basis’. It is affiliated to the University of Mumbai. Conveniently located at Mulund (East), on Mithagar Road, it is situated at a walking distance from Mulund station on the Central Railway.

Though it was initially started with BCom and BSc (IT) in 2003, other courses such as BSc (Computer Science), BCom (Banking & Insurance), BMS (Bachelor of Management Studies), BCom (Accounting & Finance), BMM (Bachelor of Mass Media) were added subsequently. The subject of Kannada for BA was introduced in 2009.

The College was renamed as VPM’s Ramniklal Zaveribhai Shah College of Arts Science and Commerce in 2009. The College has several committees to conduct various administrative and academic functions. The Internal Quality Assurance Cell (IQAC) assures that there is qualitative improvement in the functioning of the college. The activities supervised by IQAC are admissions, sports, cultural activities, intra and inter collegiate competitions, results, enhancing infrastructure, handling of grievances, students counseling etc. The Local Managing Committee (LMC) helps the administration of the college for its smooth functioning.

From the academic year 2008-09 College implemented Government of India Scholarships and Freeships for SC/ST/NT/OBC category students. The Social Welfare Department, Govt. of Maharashtra, has sanctioned Scholarships and Freeships since February 2009 which are disbursed in a transparent manner to deserving candidates.