It's just as twisted and wrong as Karva Chauth and has its roots in patriarchy.
It is regressive and misogynistic and doesn't have a place in the 21st century. However, most people celebrating it today don't even realize that and blindly follow traditions because they simply ought to do it. But more than the people, it's also brands that have kept it alive as they continue to use it as a marketing gimmick.
On a lighter note, instead of women tying rakhis to their brothers on that day, may be they ought to handcuff them for one day at home, so that women can step outside and not feel the need to be protected.
@BOLD - All aboard the loony train. CHOOO CHOOOOO! 🤪

On a more serious note though - I agree with the italicized portion. Nowadays, people do it just because ... I don't like doing it myself (as a brother). I think it's a stupid tradition that people should do if they have faith or stop doing it at all. My aunt mails her rakhis to her brothers and treats them all differently. She lives about 20 minutes from us. What's the point in following a tradition if you don't have/want the belief behind it.
Sisters are not selling their souls or handing over their freedom for protection. They aren't entering a contract that states "I, Sister, am tying this rakhi onto you, Brother, in exchange for protection between this Raksha Bandhan 2019 to Raksha Bandhan 2020. If I break any of the following rules you have ordered me to follow, it is understood that I do not deserve protection."
Personally speaking, as a brother, I don't care for the festival at all. I used to make a big deal about it every year about not wanting to wear a rakhi (it looks so sappy), going through the whole drama, wearing it for a day, etc. My sister, for whatever reason, loves it a lot for some reason. We don't do anything together on that day, she just likes tying the rakhi on my wrist. My cousin sisters mail their rakhis to me so my sister can put it on me. For me, if my siblings need me for help, advice, knowledge, etc. -- I'm there by their side to fight the world. I don't need a band to symbolize that relationship/my thought. I wear it (without fuss now) because it makes my sisters happy. I don't give gifts or money either. That just puts a price on the bond.
My cousin brothers, OTOH, wear their rakhis until it breaks. I've seen it on their wrists many many months after the festival is over. My sisters get either money or lavish gifts (from aunts because us brothers are cheap/students/poor).
It's now an opportunity for businesses to churn money by consumers who think they need to have a good looking rakhi. I mean ... if the goal is a good looking rakhi, I'll take one each year in 24 carat gold, please. 🤣
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