Rummy Holi: A Vibrant Celebration of Tradition and Joy Known as the Festival of Colors, Holi is one of the most colorful and extensively observed holidays in India and among Indteen pati olaian communities around the world. Ancient Hindu mythology is where it all began, & numerous legends explain its significance. The demon king Hiranyakashipu, who received a boon that made him all but unbeatable, is the subject of one of the most well-known tales. However, Hiranyakashipu was enraged by his son Prahlad's fervent devotion to Lord Vishnu.