Panam Village became prominent during the British period, when a cloth trading centre grew up under the influential Zamindars. The cloth merchants came from various places such as Calcutta, Patna, or Bombay. These wealthy Hindu merchants, titled Shahas and Poddars, built their exquisite residences in a beautiful setting in Panam village. In Panam Nagar, close-knit families lived side by side and often enjoyed religious and other celebrations filled with feasts and musical festivals. People from nearby villages were invited to come and witness the many celebrations and rituals, such as Nagar-Dola in the grand hall of the present Boarding House building.
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