Every year in the month of February, the tank is cleaned up for the Banganga Music Festival of Maharashtra. According to the legend, Lord Rama - the exiled hero of the Ramayana, took halt at the point while looking for his wife - Sita, about five thousand years ago. As he felt thirsty, he asked Lakshman (Rama's brother) to get him some water. At once, Lakshman shot an arrow in the ground and fresh water gushed out.

It is believed that Banganga is the tributary of the pious river, Ganga, which flows at a distance of over thousand miles. The place was called Banganga because Ban suggests an arrow and Ganga refers to the Ganges. Whatever is the story or legend, the reverence for the holy waters of Banganga is never questioned. It is worshipped by people with great respect. At religious events, people in large numbers come to take a holy dip in the mossy waters and make offerings.