It is believed that Vishnu Kumar demanded three steps of land from King Bali to which the later agreed readily. Becuase his spiritual powers, Vishnu Kumar assumed the form of a formidable human being and measured the whole land merely in two steps. This way King Bali was subdued and the lives of the Jain monks saved.
Bali was put in chains and he begged pardon for his offence. Consequently, all the persons of present there worshiped Acharya Akampana and his Muni Sangha. That was the last day of the month of Shravan. The day began to he observed as Raksha-bandhan since then.
Since Vishnu Kumar had left monkhood and assumed the shape of a dwarf, therefore, he offered repentance and got initiated into monkhood for the second time.
To mark the saving of seven hundred Jain monks from inhuman torture and deep trouble, the festival of Jain Raksha Bandhan is celebrated on day of Shravan Shukla Purnima or the night of full moon in month of Shravan to coincide with Hindu Rakhi festival.