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Bali Padyami Puja is celebrated on the fourth day during Diwali festival.It is observed on the day after Deepavali Amavasya. Maha Bali, the King of Pathala loka (netherworld), is worshipped on this day. He was given a boon by Lord Vishnu to visit the earth once a year. Kannada and Marathi people celebrate Balindra Puja to mark his arrival to the earth whereas Kerala people celebrate Bali Puja during Onam festival observed in Shravan month.
Narayana, in His incarnation as Vamana, bestowed upon the demon-king Bali Chakravarti, whom He subdued when He took a Cosmic Form in the Yajnasala of Bali Chakravarti, the details of which we can read in the Srimad Bhagavata Mahapurana.
Bali Chakravarti was himself a great devotee, an ideal king and ruler, and having submitted himself to being thrown into the nether regions by the pressure of the foot of Narayana in the Cosmic Form, it appears he begged of Him to have some occasion to come up to the surface of the earth and then be recognised as a devotee of Bhagavan Narayana Himself. This recognition, this hallowed memory of Bali Chakravarti, is celebrated on the first day of the bright fortnight following the Amavasya. Bali Puja, Bali Padya are some of the terms used to designate this occasion, the day next to Amavasya.
So, the sum and substance of the message connected with Dipavali is that it is a three-day festival, beginning with Naraka Chaturdasi, a day prior to Amavasya; then the main Lakshmi worship day, which is Amavasya itself; and the third day which is Bali Padya connected with the honour bestowed upon Bali Chakravarti as a devotee of Bhagavan Narayana. It is also an occasion for spiritual exhilaration, a lighting up of all darkness, so