RBI imposes penalty of Rs 2 cr on Allahabad Bank

The Reserve Bank of India has imposed a penalty of Rs 2 crore on Allahabad Bank for non compliance of the 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.

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