Raksha Bandhan, also Rakshabandhan, is a popular, traditionally Hindu, annual rite, or ceremony, which is central to a festival of the same name, celebrated in India, Nepal and other parts of the Indian subcontinent, and among people around the world influenced by Hindu culture. On this day, sisters of all ages tie a talisman, or amulet, called the rakhi, around the wrists of their brothers (brothers day), symbolically protecting them, receiving a gift in return, and traditionally investing the brothers with a share of the responsibility of their potential care.
Raksha Bandhan Day (3 August): Last day of the Hindu lunar calendar month of Shraavana
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Raksha Bandhan is observed on the last day of the Hindu lunar calendar month of Shraavana, which typically falls in August. The expression "Raksha Bandhan," Sanskrit, literally, "the bond of protection, obligation, or care," is now principally applied to this ritual. Until the mid-20th-century, the expression was more commonly applied to a similar ritual, also held on the same day, with precedence in ancient Hindu texts, in which a domestic priest ties amulets, charms, or threads on the wrists of his patrons, or changes their sacred thread, and receives gifts of money; in some places, this is still the case. In contrast, the sister-brother festival, with origins in folk culture, had names which varied with location, with some rendered as Saluno, Silono, and Rakhi. A ritual associated with Saluno included the sisters (sisters day) placing shoots of barley behind the ears of their brothers.
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In urban India, where families are increasingly nuclear, the festival has become more symbolic but continues to be highly popular. The rituals associated with this festival have spread beyond their traditional regions and have been transformed through technology and migration, the movies, social interaction, and promotion by politicized Hinduism, as well as by the nation-state.
Source: wikipedia