The question arises in the minds of many as to what is the story behind raksha bandhan and when it started. According to Pandit P.C. Joshi, there are many stories about Raksha Bandhan, but its main story is related to Mata Lakshmi, which is why the festival of Raksha Bandhan is still celebrated today.
According to Pandit Joshi, many believe that Indra was tied up by his wife Sachi when he was on his way to Indra to fight Vrittasura.
Since then, the festival of Raksha Bandhan has been celebrated, but the highlight of the festival is the raksha sutra of the siblings. Raksha Bandhan was celebrated when goddess Mother Lakshmi was associated with this sutra.
According to Pandit Joshi, in fact, according to the Skanda Purana, padmapurana and shrimadbhagwat purana, when vamana, the first incarnation of Lord Vishnu, made bali the king of Patallok after asking Maharaj Bali for two and a half pug lands, seeing the opportunity, King Bali asked God for a boon, according to which God had to promise to be in front of him day and night.
After Vamanavatar, Lord Vishnu was back to Goddess Lakshmi again, but this blessing stopped Lord Vishnu and he started serving sacrifices in the abyss there.
When she came to know about it, Mother Lakshmi was worried. Narada ji then explained to Lakshmiji a solution and asked him to make King Bali a brother and take a promise to protect him for yourself.
On hearing this, Mother Lakshmi, posing as an ordinary woman, came to the court of King Bali crying. King Bali asked the reason for their crying. So the mother, who became an ordinary woman, said, "I have no brother and i don't want to be a sister, what should I do, Your Highness.
Hearing his agony, King Bali proposed to make her his sister of religion. Then the ordinary woman came into form. Mother Lakshmi tied the raksha sutra to King Bali and promised that he would protect the sister and give her dakshina. King Bali gave them this promise.
As soon as she received the word, Mother Lakshmi came real and said that if you have considered me as your sister, you should return me to the dead husband as Dakshina. On which King Bali returned Lord Vishnu to Mother Lakshmi following his word. Thus, after making Mother Lakshmi Bali her brother, Srihari was also freed from the word and taken with her.
According to the belief, the day the incident took place was the full moon date of the month of Shravan. This festival of Raksha Bandhan has been in vogue since this day.