The school owes its existence to a large-hearted philanthropist Seth Hansraj Morarji and his equally noble and generous wife Bai Kabibai alias Hiravahu. Shri Hansraj Morarji came to Mumbai from his native village in Gujarat and had an ardent desire to eke out a happy living in Mumbai.
His honesty, sincerity, perseverance, assiduity and dedication helped him in achieving his objective and when he departed for heavenly abode, he bequeathed a large sum of money and considerable immovable property to his wife Bai Kabibai.
As the couple had no offspring, Bai Kabibai formed a trust with the money and the property bequeathed to her.
The trust was formed in 1930 in which it was stipulated that it would run a Public School, another school in the residence in the Fort area, some dispensaries and dharamshalas and one sadavrat.
The Public School materialized in 1939 when Dr. K.M. Munshi, the then Home Minister of Bombay (as Mumbai was then known) and chairman of Bai Kabibai and Hansraj Morarji Charity Trust, secured for the school a large plot of land measuring about 120 acres at Andheri. It is in this school campus that Rajhans Vidyalaya is functioning as a separate institution.