This festival is organised by the MTDC of Maharastra.

Legend has it that Lord Ram, on his way to Lanka in search of his wife Sita, stopped on the hillock of Malabar Hill. His followers were worshippers of Shiva and they fashioned a shivalinga from sand and called it Walluka Ishwar - 'walluka' meaning 'sand' and 'Ishwar', 'the God'. 

Though surrounded by water, the people could not find fresh water to quench their thirst or perform daily puja. Seeing this, Ram shot a ban (arrow) into the ground and the fresh waters of the holy Ganga sprang from that spot.

Centuries later, the Shilahara kings built a large and beautiful tank in stone, to store the water of the Banganga. Settlers through the ages built numerous, beautifully sculpted temples to various deities around the tank.

Every year, in January, a cultural extravaganza is organised at Banganga, where top artistes from around the country perform live classical music concerts. Cultural enthusiasts attend the festival and feast the soul as well as the mind as the sun sets.