The duo sped away after robbing Ashok Sharma who had withdrawn the money minutes earlier from a bank located in Subash Marg, police said.
As Sharma came out of the bank, the motorcycle-borne assailants pushed him aside, snatched the bag and sped away, they said.
A hunt had been launched to apprehend them, police said.
In a similar incident yesterday, a man was robbed of Rs six lakh near a bank in Vaishali Nagar area, police said.