The musical drama also marks the debut of National award-winning Marathi director Ravi Jadhav in Bollywood.
"Banjo is a musical drama focusing on Banjo music bands and their struggle to survive in today's world.
"Though we all know banjo bands exist in our society since several decades but nobody ever thought of making a film focusing on them. Eros is proud to have associated with director Ravi Jadhav who has come up with a brilliant story around Banjo players," producer Krishika Lulla said in a statement.
"I'm grateful to Eros for their support to make this film. I narrated the subject of Banjo to Riteish almost four years back and he suggested me to make this film in Hindi. I'm thankful to Eros to have fulfilled my dream - Banjo!," he said.
The first shooting schedule for "Banjo" commenced in Mumbai.