Mumbai, Mar 5 : Public Sector lender Allahabad Bank said that The Reserve Bank of India (RBI) has imposed a penalty of 2 crore on the Bank for non compliance of the RBI direction pertaining to reconciliation of Nostro.
According to an RBI direction dated 20 February,2018 pertaining to reconciliation of Nostro on 'real time' basis with immediate effect read with clarification dated April 27, 2018 which permitted banks to interpret "real time" as T+ 1 for Nostro debits and T+5 for Nostro credits.
The amount of penalty is not material considering the size of the Bank, bank said in a filing with BSE. The Bank has taken necessary measures for compliance of said RBI direction. UNI