I'm looking for a way to create bent top and bottom borders like the div in this image. I've tried some ways mentioned here but it depends on using white divs with border-radius on top of the main div but as you can see in this image it should be transparent to display the background image.

This is possible using svg.
For responsiveness remove the svg's width and height attributes, add viewBox="0 0 400 150" then try changing #image's width and height, the svg will respond to its width and height.
Demo on Fiddle demonstrating responsive shape.
Browser support for this approach - This will work on all browsers but IE8.
body {
background: teal;
}
#image {
width: 600px;
height: 300px;
position: relative;
background: url(http://lorempixel.com/600/300);
}
svg {
position: relative;
top: 50%;
left: 50%;
transform: translate(-50%, -50%);
}
<div id="image">
<svg width="400" height="150">
<path opacity="0.6" fill="red" d="M0,10 Q0,0 10,0 Q195,40 390,0 Q400,0 400,10 Q390,75 400,140 Q400,150 390,150 Q195,100 10,150 Q0,150 0,140 Q10,75 0,10" />
</svg>
</div>
Another posibility, not using clipping but multiple backgrounds.
Technically less advanced than chipChocolate answer, just providing an alternative
.test {
position: absolute;
left: 50px;
top: 50px;
width: 400px;
height: 100px;
border-radius: 10px;
background-image: radial-gradient(circle at center -778px,
transparent 800px, rgba(255,0,0,0.4) 800px),
radial-gradient(circle at center 828px,
transparent 800px, rgba(255,0,0,0.4) 800px);
background-position: center top, center bottom;
background-size: 100% 50%, 100% 50%;
background-repeat: no-repeat;
}
Thw idea is to divide the element in 2 halves, and then set in each a radial gradient that matches the corners position. The final posiotion of the gradients adjusted by hand.
Can de done responsively also.
demo
body {
width: 100%;
height: 100%;
background: url(http://placekitten.com/g/600/300);
}
.test {
position: absolute;
left: 50px;
top: 50px;
width: 400px;
height: 100px;
border-radius: 10px;
background-image: radial-gradient(circle at center -778px,
transparent 800px, rgba(255,0,0,0.4) 801px),
radial-gradient(circle at center 828px,
transparent 800px, rgba(255,0,0,0.4) 801px);
background-position: center top, center bottom;
background-size: 100% 50%, 100% 50%;
background-repeat: no-repeat;
}
<div class="test"></div>
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