Imphal,  An official of the State Bank of India (SBI) was shot dead and Rs 1.15 crore was looted in southern Manipur's Churachandpur district on Friday, the police said.

According to the police, a few armed men shot dead SBI official Arambam Ranjan Meitei, 37, outside the bank's Churachandpur main branch when he was on his way to put cash in 16 ATMs.

"Immediately after shooting the SBI official from a close range, the gunmen looted Rs 1.15 crore from the official's possession," the police said.

The bank official was immediately shifted to a hospital in Imphal for treatment, but he succumbed to his injuries a few hours later.

The police, who suspect that underground militants might be behind the incident, have launched a probe to nab the culprits.

A massive manhunt is now on to arrest those behind the incident. The police have detained a few suspects for questioning.