The day following the Amavasya is “Kartik Shuddh Padwa” and it is only on this day that the King Bali would come out of Pathal Loka and rule Bhulok as per the boon given by Lord Vishnu. Hence, it is also known as “Bali Padyami”. This day also marks the coronation of King Vikramaditya and Vikaram-Samvat was started from this Padwa day. (source:http://www.diwalifestival.org/padwa-govardhan-puja.html)
For detailed information of Balipratipada you can visit https://en.wikipedia.org/wiki/Balipratipada)
Another significance of this day is that it is sprcial for husbands and wives. The wife does the Puja and the aarti of the husband for health, prosperity and a long life and then applies tilak on her husband’s forehead. In return, the husbands shower their wives with gifts. In recent times, communities and societies organize cultural events called Diwali Padwa in the mornings where married couples can perform the ceremony..
PS: I got two dress materials as a gift from my husband and silver anklets are in the queue!