History Of Rakhi Festival
The festival of rakhi is popularly known as Raksha Bandhan across the country which is celebrated irrespective of caste and creed. The festival of rakhi falls in the lunar month of Shravana or in the month of August which is usually celebrated along with Avani Avittom another auspicious day for the people of South India. People of different states celebrate this festival in different names like Rakhi Poornima, Nariyal Poornima and Kajari Poornima. The word "Rakshabandhan" can be described as "Raksha" means protection and "Bandhan" means bond. Rakhi signifies the strong bond of love between a sister and brother which is supposed to be the best of noble emotions. Most of the Indian festivals are nothing but the essence of true relationships. On this day of rakhi the siblings pray for each other's well being and health. The name 'Raksha Bandhan' means protection of the noble bond between a brother and a sister.
Sisters Tie a Specail Silk Thread or a Holy Thread
-On this special day sisters tie a special silk thread or a holy thread around the right wrist of their brothers and pray for their welfare and long life and the brothers in turn promise to take care of the sisters. This thread, which pulsates with sisterly love and sublime sentiments, is rightly called the Rakhi'.The rakhis are usually made of silk or gold or silver thread and designed very beautifully sometimes even studded with semi precious stones.Rakhis are also sometimes made with sacred rice and grass and it is tied following some traditional customs. However the word Rakshabandhan can be marked in general as a festival of making relationships stronger with a bond of affinity and love not only between brothers and sisters but also between friends and family members. But whereas in today's culture with more of nuclear family system the people really don't know how to celebrate or rather the significance of the festival. This way of bonding between people will definitely give a different outlook or recognition from others. The festival of rakhi also enhances a person's spiritual significance during which a brother promises to God that he is going to live a life of holiness in thoughts, words and actions.
Rakhi is a Bond of Protection
Raksha Bandhan is also Referred by other names like Vish Tarak

The Concept Behind Tying of the Kankana Bandhana
- It is believed and said that even Yagnopaveetam which is a sacred thread worn across the chest and acts as a Raksha to the person who is wearing it and if he maintains its sanctity. The concept behind tying of the Kankana Bandhana at the time of wedding in a bride's and a groom's wrist also means the same or has the same significance which is for protection. It is not a must that rakhi has to be tied only between brothers and sisters for it can also be tied by a wife to the husband or by a disciple to the Guru. Also it doesn't mean that it should be tied only between blood relations but also a girl can adopt a boy as her brother and tie the rakhi for the main significance of raksha bandhan is to strengthen the bond of love, but also crosses the boundaries of the family. In modern days, rakhi is tied even between neighbors and friends which paves way for a harmonious social life and thereby making a person think beyond his or her family members as a single family which is known in Sanskrit as Vasudhaiva kutumbakam.
Modern day's Friendship Band is Something Similar to Rakhi

The Story of Baleva
- Apart from figures they also make the imprints of the palm on both the sides of the entrance and then stick rakhi on the wall as a part of raki custom. Whereas in Brahmin community this is also the day of sacred thread changing ceremony where they discared the old thread and after performance of various pujas and rituals the new thread is worn. All said and done it is emotions which play a major role on this day denoting the everlasting bond between brothers and sisters that reinforces ties between them even across continents, and it is the one which has the most importance on this auspicious day.There are various legends and myths associated with the practicing of tying rakhi on the day of raksha bandhan. The story of Baleva and his devotion to the Lord also relates to raksha bandhan. Just as the great King Bali who offered all that he had including his life and his kingdom, devotees should endeavor to emulate him. That is the true spirit of Baleva.
There are Lot of Reerences about the Sacred Thread

Lot of matrimonial alliances are also made in history by the exchange of rakhis.History says that the wife of Alexander the Great has approached the great Hindu King Porus and tied a rakhi on his hand before the battle between her husband Alexander and Porus and because of this the latter had to refrain himself from striking Alexander the great.