The current band position is clearly not preferred. It will damage the feathers of the upper leg and may work against the lower leg. With some Parrots it will cause a rub mark, others it will result in a cut and with some, no issue at all.
Your Parrot is ready for a nail clipping, so it would be a good time to visit you Vet for a combination of either removing or shifting the band, and a nail clipping.
As stated above, you may get lucky and it will fall back into place!