M.Com

Yes, you can do both M.Com and MBA degree together only if you will do one degree from regular university and another degree from distance university. You cannot do both the degrees together on a regular basis. Also, you cannot do two degrees together from one university at a time. Yes, but you can do two degrees together in distance education.
If you want to give more preference to MBA, then you can do MBA from a regular University. M.Com is a general commerce degree, so you can do it from distance education. The value of M.Com through distance education is same as regular.
You should do MBA full time course and M.Com part time course. You have to get admission in IGNOU in M.Com and go for CAT/MAT/XAT entrance test for MBA.
Best of luck.

The question should be like who should do M.com. If you want to pursue your career as a Ph.D Scholar, or you want to go for teaching, then M.Com is helpful. After M.Com, you can study for NET/JRF and qualify for assistant professor or lectureship. Also, if you want to do B.Ed, a degree in M.Com is an added advantage. You can get to teach students of intermediate (class 12th), while if you do B.Com and B.Ed, you can only teach till standard 8th. Well, if you would like to go for professional studies like CA, CS, and ICWA, then yes M.Com will help you with the course and you can crack these exams with ease. But, the question lies which option you would like go for? Ask yourself if you planning to go for more of job oriented professional course, then M.com is not a good option. You can opt for MBA then. But yes, if you want to just get into banking, you can also opt to do M.Com (Distance) and start pursuing for the preparation.