The event was held at the Shree Swaminarayan Mandir in London on Friday.
Speaking at the event, Minister of state in Ministry of Defence (MoD) in the House of Lords, Earl Howe said the festival's "potent symbol" resonated to all servicemen of all kinds of faith.
"The tying of Rakhi to symbolise bonds of mutual protection is a potent symbol for all here today and one that resonates beyond the Hindu religion to all servicemen and women, whatever their beliefs," he said.
The tying of Rakhi, which falls on August 18 this year, harks back to ancient tradition from at least 6th Century BC when Sachi, wife of Lord Indra (King of Heaven) tied a sacred protective amulet to his wrist before he went into battle with evil King Bali, whom he ultimately defeated.
General Gordon Messenger, the UK's Vice Chief of Defence Staff, said many values like courage, commitment, discipline, respect, integrity and loyal "as illustrated in many Hindu epics and scriptures, perfectly reflect the values of the armed forces".
"The resonance between the Hindu community and service personnel over the messages championed by the Raksha Bandhan festival is very clear," said Messenger.
The event was also "to celebrate the contribution of Hindus to the defence of the UK", the press release further said.
"They are as much part of the future of the armed forces, if not more so, as they are of our past," he added.
During World War I, 750,000 Hindus were deployed overseas in the British Indian Army, earning eight Victoria Crosses (VCs) and during World War II over 1.25 million Hindus fought in the British Indian Army, including in Europe, Africa and Asia, earning 18 VCs.
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