Legend of Lord Krishna
Rakhi Festival symbolizes all aspects of protection of the good from evil forces. Even in the great epic Mahabharata, we find Krishna advising Yudhishthir to tie the puissant rakhi to guard himself against impending evils forces.
The Legend of Indrani and Yamuna
The most popular myth related to Raksha Bandhan is the ritual as observed by Indrani and Yamuna for their respective brothers Indra and Yama. Once, Lord Indra stood almost vanquished in a long-drawn battle against the demons. Defeated, he sought the advice of Brihaspati, the Guru of all Devatas. On the auspicious occasion of Shravan Poornima, both Indrani, wife of Indra and Brihaspati, tied silken amulets popularly known as Raksha on Indra's wrist. Subsequently, Indra vanquished the Daitya-Raaja and re-established sovereignty over his celestial abode.
The Legend of Varuna
The day of rakhi is also observed to worship of the sea-god Varuna. Hence, on Raksha bandhan day, devotees make offerings of coconut to Varuna. Ceremonial bathing and fairs at waterfronts are also an important feature of rakhi festival.