Rishi Panchami is one of the most auspicious days for Hindus. It is believed that this is the perfect day to honour the entire gamut of sages of India - from the ancient to the present time. The festival of Rishi Panchami is especially dedicated to the Saptarishi, the seven great sages. The term rishi denotes sage and the term Panchami signifies the fifth day. Therefore, Rishi Panchami denotes the commemoration of great sages on the fifth day of Shukla Paksha in the month of Bhadrapad.