Banganga tank is fed by a natural spring located at the northeast corner. It is beleived, this is the point where Lord Rama shot an arrow (bana) into the ground, thereby releasing the waters of the underground Ganges (Patalganga), hence the name Banganga. The water that emerges from the spring is considered pure and used in Hindu rituals.
Ghats serve multiple purposes, both religious and secular, and is a hub of activity during Hindu festivals like Shivratri, Ganesh Chaturthi and Diwali. Pilgrims use Banganga tank for bathing, to perform suryanamaskar at dawn, and idol immersion. Before piped water was made available in homes, Banganga tank was the main source of drinking water.
Paved stone steps going down from Walkeshwar Temple to Banganga Tank. In the past, most temples along the parikrama were connected to the ghats which allowed pilgrims to directly enter the temple after performing purification rituals in the tank. Unfortunately, access to the tank is now blocked at several points due to encroachments on the ghats.