We do not know origin of this festival. Rakhi worn by brother is token of his promise to protect his sister. Historically, A Rajput woman tied Rakhi on emperor Humayun.
This festival reveals weakness or frailty of women who depend on men. This also shows strength of brothers who assume responsibility for protecting sisters. Ironically, even a strong police woman will tie Rakhi to seek protection even from her weak or lame brother.
I agree with Gulshaji that in history it was first tied by Rajuput women and the trend continue without any caste or religious differences. The reason for the festival can be seen in two ways 1) brother protecting the sister 2) sister asking well wishes and protection from God. Hence it is a bond of love and care.