Answer

In Śvetāmbara Derāvāsī Mūrtipūjaka Jain practice, Raksha Bandhan is generally understood as a lay/customary observance, not as a core Agamic temple ritual. Its Jain meaning is usually centered on dharma-raksha, compassion, forgiveness, and protecting sādharmīs. A well-known Jain retelling connects the day to Muni Vishnukumar and the protection of 700 munis; on Shravan Purnima, the raksha-sūtra is tied as a symbol of that protection. ( jainworld.jainworld.com)

Explanation

The Jain story says that Akampanacharya and 700 munis were trapped in a grave upasarg in Hastinapur. Muni Vishnukumar, moved by deep compassion, used his Vikriya-riddhi, went before Bali, and saved the munisangh. Afterward, he re-embraced muni life, attained kevalgyan, and the full moon day of Shravan came to be remembered as Raksha Bandhan. In that telling, the rakhi is not merely a family thread; it is a reminder of protecting the religious life of the saints and the Jain community. ( jainworld.jainworld.com)

Spiritual Understanding

The deeper Jain teaching here is that true protection comes through ahimsa, compassion, and forgiveness, not through anger or revenge. The story explicitly highlights that Vishnukumar forgave Bali and the others, and that the lesson for Jains is to protect dharma and help sādharmīs. That is why many Jains treat Raksha Bandhan as a day to remember vatsalya, service, and religious responsibility. ( jainworld.jainworld.com)

Takeaway

So, in the Jain way, Raksha Bandhan is best remembered as a symbol of dharmic protection:

• protect the munisangh and sādharmīs,
• practice forgiveness,
• and keep the bond pure, simple, and spiritual. ( jainworld.jainworld.com)

If you want, I can also give you a short Jain Raksha Bandhan puja-vidhi / wording in a Derāvāsī style.