Due to Mr. Ravenshaw's efforts and the support of the Maharaja of Mayurbhanj, HH Shree Krushna Chandra Bhanjdeo by means of financial help, the college department of the Collegiate School was finally converted in 1876 to a full-fledged Government Degree College, bearing the name 'Cuttack College' affiliated to the University of Calcutta. Mr. Samuel Ager was appointed as the first principal. The college then had only 19 students on roll. Maharaja of Mayurbhanj H.H. Sri Krushna Chandra Bhanjdeo donated Rs. 20,000/- as a permanent endowment for the college which almost fulfilled the condition imposed by the Government for public contribution. On his insistence the name of the college was changed to Ravenshaw College in 1878 after Thomas Edward Ravenshaw to commemorate his services to the cause of education in Odisha. The college was granted permanent status by 1881.