Sri Lakshmi Jayanti, birthday of Goddess Sri Lakshmi Devi, is observed Phalgun Purnima, the Full Moon day in Falgun month. In 2018, Lakshmi Jayanthi date is March 1.
On this occasion devotees worship Goddess Laxmi devi, Goddess of wealth, with utmost devotion. This festival is also celebrated as Holi or Madan Purnima or Vasant Poornima.
In some places Lakshmi Jayanthi is observed on Uttara Phalguni Nakshatram day.
Birth of Goddess Laxmi Devi – Legend of Sagar Manthan:
Puranas and several ancient Hindu scriptures describe the birth of Goddess Maha Laxmi. Devotees believe that the Goddess is the daughter of Bhrigu Maharshi and reborn during the churning of the Milk Ocean (Ksheera Sagar manthan).
The Story behind Ksheera Saagara Manthan (Churning of the Milky Ocean):
The story of Ksheera Saagara Manthanam (Samudra Manthan) tells the birth of Goddess Maha Lakshmi. When Lord Indra, the King of Gods, was riding on his elephant, sage Durvasa Maharshi presented him a special garland. But Lord Indra put that special flower garland on the trunk of his elephant. Irritated by the smell and crushed the garland, the elephant crushed the garland with its foot. This enraged Durvasa Muni and he cursed Indra and all Gods that they will lose their entire strength, energy, and fortune.
As the curse of Durvasa Muni started working all Gods became week and lost everything. They all went to Maha Vishnu and prayed to him for their lost wealth, health and wisdom. Lord Vishnu promised that he will deal the issue during Sagar Manthan and the Goddess of wealth will emerge from the Ocean. As the Lord promised, along with Amrit (Nector) Goddess Lakshmi was also emerged from the ocean.