It is national tree of India and is termed as 'Kalp Vriksh' meaning Tree of wish Fullfillment. People worship the tree for its longevity and medicinal properties in Hindu mythology. According to Buddhist beliefs, Gautam Buddha attained Bodhi by meditating under a banyan tree and the tree thus holds tremendous religious significance in Buddhism as well.
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Thank you very much for sharing this information with us, vinni1985.