The most important temple in the Banganga tank precinct is the Walkeshwar temple, situated on the tank's western flank. Lord Rama is said to have sought guidance from local sagas here on his way to Lanka, to rescue Goddess Sita where she was held captive by the demon God Ravana.

The original Walkeshwar temple was built by the Silaharas around 1050 A.D. and is said to have contained both the lingam ferried from Benaras by Lakshman and the sand lingam crafted by Rama. The original Silahara temple was destroyed by the Portugueese. The temple was rebuilt in 1715. The temple is the focus of much religious activity during Diwali.