Raksha Bandhan means the bond/assurance/word of safety.
The uniqueness of this festival is that it is celebrated between brothers and sisters only. On this day, sisters use to bind a colored thread on the rist of their brothers and brothers give gifts and promise their sisters to protect them from all dangers.
I do not know whether there is any such other festival is celebrated between brothers and sisters or not!
I think that is a nice bonding activity.
Here it is supposed to be a natural thing but, it is reciprocal, sisters are supposed to do the same for their brothers. At least that is how we were raised. Siblings protect each other.
Now though, I do not think sibling love is promoted as much.
Actually, it is far more than a mere ritual. Brothers try to take care of their sisters not only in young age but even after the marriage too. If the married sister ever falls in the trouble, the brother is supposed to take care of her, just like her parents. This is to say that the brother promises her sister that i will take care of you throughout your life, just like your parents did for you.
Secondly, sisters/girls are given respect in some areas. Like, it is a practice in Hinduism to touch the feet of the elders but girls are spared from this, whether they are married or unmarried. O the contrary, at the time of the marriage, in most of the Hindu families, parents and brothers wash the feet of their daughters/sisters before the marriage ceremony.
Thirdly, if any death occurs in the family of sister, the parents/brothers are supposed to bear all the expences of the ceremony.
Fourthly, it is also a practice in India that married sisters/daughters use to spend some days every year with their parents/brothers along with their children. As we use to have a long summer vacations in the schools, most women use to go their parent/brother’s home during that time.
The central idea is to give the women assurance that you are not alone, even if your parents are no more. Your brother is there for you to help in any adversity.