Alankar Chitra's 'Banarasi Babu' revolves around two men from diametrically different backgrounds but with identical appearances! Sohan Lal (Dev Anand) is honeymooning with his wife Neela (Raakhee) at the height of winter with snow-capped mountain peaks witnessing the blossoming of their love. Their togetherness is sheer bliss and the only people who fracture it are an ex-girl friend Rita (Faryal), besides Sohan's manager V. K. Saxena (Jeevan). The latter in fact, dislocates and effectively derails their short stint by dispatching Sohan to London on 'business', much to Neela's chagrin. Saxena, like all compulsive gamblers, is heavily in debt and plans to open Sohan's safe with the help of a skilled professional named Fernandes (C. S. Dubey). Fernandes gives up after his efforts yield no fruit but recommends the name of his boss from whom he learnt this art - Mohan who stays in Banaras. He worships his guru to such an extent that he carries his photograph with him all the while. Saxena is stunned at the uncanny resemblance between Mohan and Sohan! He decides to go to Banaras himself and meet this person who could help him in clearing debts running into millions. On reaching Banaras, Saxena learns that Mohan is, like him, also in dire straits financially! Mohan needs around Rs.20,000 urgently for the treatment of his mother (Veena) and is willing to do anything to raise this sum. Mohan pines for his lady love Gulabiya (Yogita Bali) and she joins him in Bombay. Does Saxena succeed in his mission? And what is the secret behind the striking similarities between Sohan and Mohan?