The 70-year-old actor took to his blog to thank the university for the special honour.
"The University of Mumbai felicitates me. They give me huge amount of blessings and gratitude. Surrounded by great learning capacity, my height could be tall, but my qualifications are even shorter than the shortest," Bachchan posted.
The actor also expressed his surprise when he learnt that a part of the Commerce syllabus has been dedicated to him.
"The Commerce department tells me that I form a portion of their syllabus. Teaching my phenomena to the students. They find it interesting enough for it to be a tool as a case study.
"I have never felt so embarrassed before. I shall acknowledge your affection but to attribute all else to me and to give me that additional value is not something that I would endorse or accept," he said.