Panauti is one of the oldest towns in Nepal situated at the confluence of the two rivers Punyamata and Rosi. Legend has it that a third invisible river also meets with the two rivers, making it a Triveni (a scared place where three rivers meet). Many believe Panauti was named after the Punyamata river. Moreover, Panauti has been called by different names throughout history like Punyawati, Punyamatinagar, Panchal desh, Punanti and Palaati. The Ancient Town The .