The legend of King Bali and Goddess Laxmi
According to another legend Demon King Bali was a great devotee of Lord Vishnu. Lord Vishnu had taken up the task to guard his kingdom leaving his own abode in Vaikunth. Goddess Laxmi wished to be with her lord back in her abode. She went to Bali disguised as a Brahmin woman to seek refuge till her husband came back.
During the Shravan Purnima celebrations, Laxmiji tied the sacred thread to the King. Upon being asked she revealed who she was and why she was there. The king was touched by her goodwill for his family and her purpose and requested the Lord to accompany her. He sacrificed all he had for the Lord and his devoted wife.
Thus the festival is also called Baleva that is Bali Raja's devotion to the Lord.It is said that since then it has been a tradition to invite sisters in Shravan Purnima for the thread tying ceremony or the Raksha Bandhan
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