We celebrate Raksha Bandhan (Rakhi festival) to reaffirm our love to our brothers and sisters. It is a symbol of love and prayer for well-being when sisters tie the rakhi around the right hand wrist of their brothers. The brothers, on the other hand, vow to love and protect them always.
Raksha Bandhan is a festival of rakhi. This festival is dedicated to the bonds between brothers and sisters. On this occasion, the sacred relation between sisters and brothers is celebrated.
This is not limited to people who are literally (biologically) brothers and sisters. If you have a close friend whom you consider to be like a sibling to you, you can celebrate Raksha Bandhan with them as well.
As well as having a significance in human life (i.e. in the fact that brothers and sisters are very important to us), we celebrate the Rakhi festival for mythological and religious reasons as well. Raksha Bandhan can be traced back to several Hindu myths that celebrate the power of sibling bonds. In one myth that is foundational for Raksha Bandhan, for example, Lakshmi uses a sibling bond she has created with Bali to save Lord Vishnu from being trapped. The legend says that Lakshmi tied a Rakhi around the wrist of the evil King Bali and made him a brother so that he allow her husband, Lord Vishnu, to leave his palace. He granted her wish.
For Jains, Raksha Bandhan has an additional significance, as during this festival devotees celebrate their bonds with their priest by receiving woven bracelets or other types of band from the priest.
Love is beautiful especially when it is genuine. The Raksha Bandhan is, therefore, an ideal time to build on our relationships with our siblings and reaffirm our commitment to love and protect them.