Ramkrishna Bajaj was the younger son of an Indian freedom fighter who was brought up under the guidance of Gandhi and Vinoba Bhave. He participated in the freedom struggle and spent over three years in jail. After his elder brother passed away, he became the head of the Bajaj Group. He was concerned with ethics in business and social responsibilities. He established various foundations for social welfare and Gandhian activities. The IMC Ramkrishna Bajaj National Quality Awards were instituted in 1996 to recognize organizational excellence.