The CSBF was set up in Summer 2002 by the then Hon'ble Vice Chancellor, Prof. (Dr.) N. L. Mitra. Prof. M. Mehta was appointed as the first Director in September 2002. The RBI corpus arrived in July 2003. The second Director was Prof. S. N. P. Dave. The third Director was Prof. (Dr.) U. R. Daga. The fourth and current Director is Dr. Rituparna Das.