Bangur was born in a 1931 in a Marwari Business family in Kolkata. His family basically belongs to Didwana, Rajasthan. Bangur was educated at Calcutta University.
Bangur is widowed with two children and lives in Kolkata. His son, Hari Mohan Bangur, has been running Shree Cement since 1990.
Mungee Ram Bangur, a Calcutta stockbroker, and his brother Ram Coowar Bangur, started the Bangur Business empire in the late 19th century. In 1991, the Business was split into five groups, between Balbhadra Das Bangur, Niwas Bangur, Kumar Bangur and Benu Gopal Bangur (all grandsons of Mungee Ram) and Laxmi Niwas Bangur (grandson of Ram Coowar).
According to Forbes, Bangur has a net worth of $4.1 billion, as of January 2015.