Currency notes worth about Rs1 crore kept in a State Bank of India (SBI) chest in Uttar Pradesh's Barabanki district were destroyed by termites, police said onThursday.
Currency notes deposited in SBI's Fatehpur branch have been found damaged, police said.
"After the incident was reported, police and a sub-divisional magistrate visited the bank for an inquiry," superintendent of police Navneet Rana told reporters in Barabanki, some 26 km from Lucknow.
"The exact amount of damaged currency is still to be calculated, but it is estimated to be around Rs1 crore," he added.
According to police, a team of Reserve Bank of India (RBI) officials would visit the branch and conduct a separate enquiry.