The masked thieves managed to overpower two `unarmed' watchmen -- engaged by a private security agency -- and kept them out of the way in the backyard of the branch premises.

Later, they snapped the power supply, cut the locks at the main entrance, the wooden door inside and entered the strong room. However, their attempt to cut open the safe and some lockers proved futile.

The gangsters may have failed in laying their hands on cash and valuables in the strong room but the manner in which they went about their task has left the security measures of the bank thoroughly exposed.

Police Chief Ullhas Joshi had to contact senior officials at the Reserve Bank of India here and suggest them to look into the negligence of the bank authorities concerned vis-a-vis the security aspects.

At the same time, Joshi has called upon the citizens to checkout with the authorities of their respective banks whether apt measures like posting of an armed guard to man the premises round-the-clock and specifications for installation of strong room safe, have been adhered too.

He also directed the deputy commissioners of police, heading the three zones, to hold a meeting with bank authorities in their respective areas and apprise them about measures necessary for safeguarding public money, valuables and important documents in banks.

Initial police findings suggest little about the likelihood of an organised criminal gang behind the robbery attempt. The culprits hardly left a trail while escaping from the premises early this morning, RN Dahate, DCP (Zone II) told The Indian Express this evening. ``We have to begin from scratch,'' he said.

``Over the past five years or more, we haven't had an incident of such a serious proportion in this area. The dacoity bid poses a challenge to us and we are all set to bring the culprits to book,'' he added.

From theaccount given by the two watchmen, police said that the masked men, numbering around 12, reached the spot in a Tata Sumo jeep. Halting the vehicle a short distance away, four of them scaled the iron grill compound of Asha Bhavan, the majestic premises housing the bank as well as office of the Shriram Finance.

Two of the men covered the watchman, seated in the front porch, while the other two took care of the other watchman manning the other side of the premises. The culprits, armed with swords, tied the watchmen and dumped them in the backyard. Throughout, the culprits were conversing among themselves in Hindi and Punjabi.

After the robbers left the premises disappointed, the watchmen managed to free themselves and reported the matter to the bank authorities who then informed the police.

Senior officials including Joshi, Deputy Commissioners BN Raut (Crime), Dahate and Assistant Commissioner (Crime) KB Dogra visited the scene of crime for an inspection.

Police said, the bank authorities were foundnegligent in the implementing safety measures as per the norms specified for a bank. The bank's vault was not fixed in a concrete wall and stood at least three feet apart from the wall providing much scope to the culprits to use the gas cutter.

The bank premises had no burglar's alarm on its premises, nor was there a 24-hour armed security arrangement on the premises, the police added.

An offence of attempted dacoity has been registered with the Sadar Police and further investigations are on.