In Tretaya Yuga, Parasurama theBrahmin warrior and sixth incarnation of Lord Vishnu went round (Tritha Paryatana) sacred places with an aim to establish Goddess Sanctuary (Matru Tirtha) on his way. While moving from places to place, he came near river Chandrabhaga, took a dip in the river and took rest under a banyan tree. While meditating, he came to know about a power (Shakti) kept self-hidden and desired to have self-expression. After that Parasuram recovered a shining stone (Parasmanisila),a wonderful form of glittering Basalt-stone from underneath the earth and carved the divine image of goddess with his arrow. As per the legend the name of the Goddess became Sarada, as the figure of Goddess carved out by arrow (Sara) of Parasurama. The place still bears the legend as meeting banyan tree (Bheta Bara). The name “JHANKARA” or “JHANKADA” is lexically related in the magical reverberations of the sound of Parsurama’s arrow and divine stone.

Another legend relates to the place and the deity to Dakshya Yajna in Devi Puran and other Puranic text. It is said that Sati (Adimata or Adishakti), the original source of power, the wife of Lord Shiva, got herself sacrificed in the fire place (Yajna Sthala) because She could not tolerate humiliation of Her husband by Her father, Dakshya. Out of grief and remorse, Lord Shiva, holding Her corpse on His shoulder started roaming relentlessly. Apprehending the anger of Shiva, which might be detrimental for mankind, Lord Vishnu, sliced Her body into pieces by His great weapon wheel (Sudarsan Chakra) and pieces of Her body scattered over fifty-one places, and around each there grew up a sacred place of worshipping mother goddess (Shakti Peetha). As per the legend, the Navy of Sati fell down in Jaipur, where Goddess Viraja is worshipped and it is know as “Navy Kshetra”, the foot of Sati fell down in Srikshetra, where Goddess Vimala is worshipped and it is know as Pada Peetha and the Tongue of Sati fell down in Jhankada and it is know as “Jiwha /Bani Peetha” (As Jiwha/Bani Peetha, Jhankad lacks puranic evidence).