Basant Panchami is celebrated on 5th day of spring for Goddess Saraswati in every parts of the india. As name explained about the day "Basant Panchami " , Basant means 'spring' and panchami means 'fifth ' - in totality Fifth day of spring.
Specifically celebration of Basant Panchami is found mainly north continent of india and in some parts of south India also.
Basant Panchami is celebrated as the birthday of Goddess Saraswati . Goddess Saraswati is the goddess of knowledge , wisdom, intelligence, science , technology , learning , invention etc .
Surely it is not a festival like a valentine day , it is totally holy festival.