Festival story · 2 tellings · North India, Pan-India
The thread Indrani tied (the first raksha)
In the Bhavishya Purana Krishna teaches Yudhishthira the Shravana full moon rite: Shachi, called Indrani, tied a raksha on Indra's wrist, and Shukra told the demon king Bali to wait a year until its power ran out. In the Vratraj telling Indra has lost a twelve-year war and Brihaspati prescribes the rite. The priest's verse names Bali.
Krishna tells Yudhishthira that in a war of gods and demons Bali led the beaten demons to Shukra. Shukra told him that Indra's wife Shachi had tied a raksha on Indra and that while it held he could not be beaten; Bali should make friends with Indra and wait a year. Krishna then gives the rite: on the Shravana full moon a bundle of unbroken rice, white mustard, gold, durva and sandal is wrapped in cloth, worshipped, and tied by the family priest on the king's right wrist with the verse, I tie on you the thread that bound mighty Bali, king of the demons; hold fast, do not slip.
For twelve years the gods and demons fought and the demons took the three worlds. Indra went to Brihaspati, who taught him the raksha vidhana. On the Shravana full moon Brihaspati performed the rite, and Shachi tied the bundle on Indra's right wrist. Indra went back to war and won. In some households it is Vishnu who gives Shachi a cotton band to tie.
What is different here:
The gods are losing, not winning, and Brihaspati gives the rite.
Sources: Bhavishya Purana, Uttara Parva 137: the Raksha Bandhan rite (Sanskrit text and Hindi rendering, with the Vratraj telling); Wikipedia: Raksha Bandhan (the Bhavishya Purana Uttara 137 passage)