The incident occurred when two youths, wearing helmets, entered the bank and looted the bank manager at gunpoint, Circle Officer Babupurva, Pavitra Mohan Tripathi said.
After commiting the robbery, they escaped on their motorcycle, the police official said adding, "Rs 23.68 lakh were looted by the robbers."
Neither the CCTV camera nor the siren of the bank were found functioning, Tripathi said.
According to sources, the bank guard was missing from the duty at the time of robbery.
A search operation has been launched to arrest the robbers at the earliest, he said.