Police said a gang of six youths entered the city branch of the PSU bank this morning, barged into the cabin of its manager and threatened her at gunpoint.
"They pointed a handgun at her and asked for the master- key of the strong room and the iron chests. After the manager handed over the keys, they looted cash from one iron chest and gold from another," Superintendent of Police, Sundergarh, R Prakash said.
Prakash said as per initial estimation of the bank the robbers looted more than Rs 12 lakhs and the value of gold robbed was being estimated.
In the absence of the CCTV footage it was not possible immediately to identify the robbers, he said, adding, at the time of the incident there were not many people in the bank.
The borders of Sundargarh were sealed, he added.