Yes, this is a festival that is being celebrated by Hindus. This is meant to celebrate brotherhood and love between siblings. In other parts of the world, this may not be very rampant. People know that they love their siblings but they do not find a reason to celebrate it.
For Hindus, they believe that this gives them a chance to wish their brothers well. Some people would need blessings in order to do well in life and this is their opportunity to do so. The date when this will be celebrated will depend on when the first full moon in the month of Sravana is. This may change every year. Hindus who wish to celebrate it should be updated.