[3] It was established in 1774 CE (1801 BS) by Hema Karna Sen, the King of Makwanpur and a sage named Tasmaiya Baba in Matihani village of Nepal.

The campus is named after the Hindu sage Yajnavalkya and the divine couple Lakshmi Narayana.

In 1744 (1801 BS), King Hema Karna Sen of Makwanpur, built a temple dedicated to Lakshmi Narayana at Matihani and a sage named Tasmaiya Baba started teaching Sanskrit below a Peepul tree located at the temple's premises.

From 1950 BS (1893-1894), the institution started teaching Sanskrit grammar, Vedanta, and Ramayana.

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