According to a saga in Kashi Khand (mentioned in Kashi Vishnu Yatra) when Lord Vishnu evicted King Divodasa from his Kingdom he established himself in the form of Adi Keshav at Padodak teerth. Thereafter, Lord Vishnu when reached Panchnad Teerth he got infatuated with the glory of Kashi. At Panchnad Teerth in Kashi, he came across a sage whose name
was Agni Bindu who was engrossed in a rigorous penance. On seeing the Lord infront of him, the Sage started chanting Sholkas for Lord Vishnu. Lord Vishnu got pleased with the sage and asked him to seek any divine boon. Sage, in reply asked Lord Vishnu that he should always be present in the vicinity of Panchnad Teerth and will be known by sage’s name. Accordingly, Lord Vishnu fulfilled the wish of sage and got himself established at Panchnad Teerth in the form of Bindu Madhav. From his presence, this Teerth is considered to be the most pious one and is also believed that whosoever takes a holy dip here is blessed with wealth and prosperity and get rid of all their sins and attains salvation.