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.
Banganga Tank has several legends associated with it, and they have diverse origins. With the passage of time, memories of local incidents have been intertwined with these origin myths. One such prevailing story is how the original lingam at Walkeshwar Temple was lost to the sea to avoid desecration by mlecchas (referring to Muslim and Christian rule under the Gujarat Sultanate and the Portuguese). Based on this belief, on the day of Mahashivratri, the Koli fishing community venture out to sea to offer prayers to the vanished lingam.
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.
The Mahalaxmi Temple, marked by its framed torana (marble arch), is the newest temple in the precinct of Banganga Tank. It was built on the site of a shrine at the base of a peepal tree located in the northeast corner of the tank. It was built in 1973, by members of the Shrimali Brahmin community from Rajasthan. The temple has been refurbished in 2021.