 His grandson, [[Rahul Deshpande]], is also a singer, and has also reprised some of his roles on stage and screen, such as Khansaheb in "[[Katyar Kaljat Ghusali (film)|Katyar Kaljat Ghusli (film)]]".A foundation, the Dr. Vasantrao Deshpande Pratishthan, organizes an annual music festival, "Vasantotsav," at [[Pune]] in his memory.The annual festival is held over three days during the month of January, where musicians and performers are invited to take part.