He died of heart attack, said Radhakrishnan B, Nashik collector.
"Last rites will be performed with full state honours tomorrow. Bam was giving a lecture in Mahatma Nagar area of Nashik city when he had a severe heart attack," the collector said.
Bam had provided guidance to sportspersons in several fields, including the cricketer Rahul Dravid and badminton player Aparna Popat.
Vijendra Singh, Nashik-based coach of Sports Authority of India who has closely worked with Bam, said, "After retirement, Bam focused on sports psychology and its importance in preparation for games. He regularly organised training camps for sportspersons. He also guided India's Olympic squads."
He had also been the president of Maharashtra Rifle Association for four years.
Maharashtra sports minister Vinod Tawde said in a tweet, "The man who shaped champions now bids adieu to the field. Rest in peace Bhishmaraj Bam ji. You have left the world but your legacy lives on.