Taranath Government Ayurvedic Medical College, Bellary was a private institute before 1976. Earlier the college was managed by private trust started in the name of Taranath Ayurveda Vidyapeet. Registered Trust was established by the disciples in the name of Pt.Taranathji. Pandit Taranathji established an institute “Premayatana or Prema VidyaPeet” which was under Madras province on the bank of Tungabadra near Tungabadra village, where he used to preach Ayurveda, Yoga, Music, etc., in the Gurukula style. The Ayurvedic diploma offered by this institute was recognized by then Government of Madras.
Amongst many famous disciples, Swamy RajaCharya, was one who, inspired by the late Pt. Taranath, had intense desire to propagate Ayurvedic line of treatment and education in the region of Hyderabad Karnataka. Few local likeminded personalities started Ayurvedic teaching and practicing course, first at Kustagi of Koppal District. Later some of his friends joined with him to start a trust in the name of their great teacher, started Taranath Ayurved Vidyapeeth, and an Ayurvedic college at Sanganakal, a Stone Age human inhabitation, in the year June, 1947.