What is the story behind Raksha Bandhan? Who tied the first Raksha Sutra?

The festival of Rakshabandhan is celebrated annually on the full moon day of the Shravan month. This year, it will take place on Monday, August 19. Rakshabandhan represents the sacred bond between brothers and sisters. On this day, sisters tie a Raksha Sutra on their brothers' wrists, praying for their happiness and prosperity, while brothers vow to protect their sisters for life. Religious texts recount various stories about the origins of Rakshabandhan. Here is one of the popular legends. 
 

According to religious texts, King Bali, a powerful demon ruler, conquered heaven. To help the gods, Lord Vishnu assumed the Vamana avatar and approached Bali. Vamana requested three paces of land from Bali and used those three steps to measure the entire universe, encompassing both earth and sky. Impressed by Bali's generosity, Lord Vishnu granted him the role of ruler of the underworld.
 

Pleased with Bali's sacrifice, Lord Vishnu offered him a boon. Bali requested that Vishnu accompany him to the underworld and serve as its gatekeeper. Bound by his promise, Lord Vishnu agreed and went to the underworld with Bali. Upon learning this, Goddess Lakshmi became deeply distressed and sought ways to bring Lord Vishnu back.
 

Goddess Lakshmi tied the Raksha Sutra to King Bali, making him her brother. When Bali requested her to ask for a boon, she asked for Lord Vishnu. King Bali willingly agreed and gave Lord Vishnu to Goddess Lakshmi. This marked the first instance of a sister tying the Raksha Sutra to her brother.