Raksha Bandhan[3] is a popular and traditionally Hindu annual rite or ceremony that is central to a festival of the same name celebrated in South Asia. It is also celebrated in other parts of the world significantly 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.[4] They symbolically protect them, receive a gift in return, and traditionally invest the brothers with a share of the responsibility of their potential care. (From WikiPedia)
