The history of this festival goes back to the times of Mahabharat. It is said that Lord Krishna had once hurt his wrist and was bleeding, to stop the Bleeding Draupadi (wife of pandavas) had torn the end of her saree to tie it on his wrist to stop the bleeding. In turn Lord Krishna promised Draupadi as a gesture of gratitude that he will always protect her and since then this festival is being celebrated.
Thanks for such a detailed post.
Cousins are just like brothers and I am sure your cousins are like that.
Stay blessed!
True @aasifwani, we cousins are as good as real siblings