Known as one of the best Indian defenders who went on to become a captain of high repute, he made his first international appearance at the 1948 London Olympics.
'At the same time, this may encourage some youngsters in some parts of the country to pursue football.'
FIFA president Joseph Sepp Blatter presented the honour of excellence to 40 former football greats of India at a banquet here tonight.
Former hockey captain P R Sreejesh was chosen for the Padma Bhushan, while Ravichandran Ashwin was among the Padma Shri winners.
Mohun Bagan Day has been celebrated since 2001 on July 29 to commemorate the club's historic victory over East Yorkshire Regiment in the IFA Shield Final on this day in 1911.
Bembem hoped the Padma Shri will act as recognition for women's football in India.