In the middle of Banganga Tank stands a dhwajastambh (flagpole), which symbolizes Mount Meru, considered by Hindus to be the center of the physical, metaphysical, and spiritual universes. The water symbolizes the Cosmic Ocean, used in Hindu rituals performed on the ghats. The tank is also used for the immersion of ashes from the nearby crematorium.
Located on Malabar Hill, Banganga Tank is the oldest and largest surving Hindu place of pilgrimage in Mumbai, still in its historical location. The tank has been a tirthasthan (place of pilgrimage) at least since the 12th century and stories of its origin even earlier, mentioned in the Skanda Purana. It is believed Lord Rama visited the site during his search for Sita.