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The legend of Bali: According to legend the king Bali was a devotee of Lord Vishnu. Because of Bali's devotion the Lord came down to Bali's kingdom and remained there for a long while. Lord Vishnu's consort Lakshmi, became worried by his absence and came in search of him. She arrived in Bali's kingdom on Shravan Purnima Day and tied a Rakhi on Bali. Pleased by this honour, Bali asked her to name what she wished for and he would grant her desire. She wished for Lord Vishnu's return and her wish was granted.
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