The woman had accompanied her husband to the bank where they had applied for a crop loan at Datala in the Malakapur Tehsil, they said.
Branch manager Rajesh Hivase sought the woman's contact details for processing loan after which he called her up and allegedly used obscene language and demanded sexual favours, they said.
Later, Hivase sent a peon to the woman's home, asking her to comply.
The peon allegedly told the woman that Hivase will pass the required farm loan and also extend benefits under a special package if she agreed.
A complaint has been registered against the manager and the peon under relevant sections of the Indian Peal Code and also sections of the Prevention of Atrocities Act, they said.
Both the accused are absconding and efforts are on to nab them, the police said.