Not a single festival in India is complete without the typical Indian festivities, the gatherings, celebrations, exchange of sweets and gifts, lots of noise, singing and dancing. Raksha Bandhan is a regional celebration to celebrate the sacred relation between brothers and sisters. Primarily, this festival belongs to north and western region of India but soon the world has started celebrating this festival with the same verse and spirit. Rakhi has become an integral part of those customs.
An insight of Rakhi Rituals
On the day of Rakhi, sisters prepares the pooja thali with diya, roli, chawal, rakhi thread and sweets. The ritual begins with a prayer in front of God, then the sister ties Rakhi to her brother and wishes for his happiness and well-being. In turn, the brother acknowledge the love with a promise to stand by his sister through all the good and bad times.
Sisters tie Rakhi on the wrist of their brothers amid chanting of mantras, put roli and rice on his forehead and pray for his well-being. She bestows him with gifts and blessings. In turn, brothers also wish her a good life and pledges to take care of her. He gives her a return gift. The gift symbolizes the physical acceptance of her love, reminder of their togetherness and his pledge. The legends and the reference in history repeated, the significance of the festival is emphasized.
(source : http://www.raksha-bandhan.com/rakhi-the-thread-of-love.html)