Banganga and Walkeshwar area is the ancient home of Gowd Saraswat Brahmins. Here stood the hermitage of the sage Gautam.

Lord Rama came here with his brother, Lakshman in search of Mother Sita.

He was thirsty. As there was no water readily available, he shot an arrow and brought Ganga over here. Hence Bana (arrow in Sanskrit) Ganga.

Sage Gautam advised Lord Rama to worship Lord Shiva to get back his wife. Accordingly Lord Rama made a shivling from the sand (Valuka in Sanskrit) and so the word Walkeshwar Mahadev. According to another version Lord Parashuram shot an arrow and brought Ganga from Patala and so the other name Patalganga to Banganga.

The first Walkeshwar Temple was constructed in 1127 AD by a GSB minister, Lakshman Prabhu, in the court of Shilahar Kings in Thane. It was reconstructed by the then famous Rama Kamati in 1715 AD.

On the western bank of the tank there is a Branch of the Shri Kashi Math, a famous  religious seat of Gowda Saraswats. There are two samadhis in the Math Premises. 1.Shri Madhavendra Tirth(7th Swamiji, Samadhi year 1775: Shri Swamiji, it is said  entered the Samadhi when he was still alive and so this is a powerful jeevat samadhi) and Shri Varadendra Tirth (18th Swamiji: Samadhi year 1914) The Math holds annual Saptah Mahotsav  for 7 days (uninterrupted bhajans) starting from Nag Panchami in the month of Shravan since 1927 AD. During the Birth Amrit Mahotsav Celebrations of the reigning pontiff, Shrimat Sudhindra Tirth Swamiji, grand clebrations were organised  in the year 2000 on the very banks of  the tank in the name of Poojaniya Banaganga.

On the northern bank is the Branch of Shri Kaivalya Math where there is shrine dedicated to Shri Muralidhar Krishna and Mother Goddess Bhadra Kali. There is a statue of  Adi Guru Gowdapadacharya, the exponent of Adwaita Philosophy and also the founding father of Shri Kaivalya Math.  Here also one can see a few samadhis of the erstwhile Swamijis of Shri Kaivalya Math. The Math celebrates annual Ganpati festival in a grand way.

There is a Parashuram Temple on the eastern bank of the tank, belonging to GSBs.

The GSB Temple Trust owns  and  manages Shri Walkeshwar Temple as well as the holy Banaganga Tank. This is a great heritage point of all Saraswats in Mumbai.