The bank agreed to pay a negotiated penalty with an express agreement to reform its practices with regard to monitoring of high-risk transactions, which it failed to do till 2014. Domestic incidents 4. Closer home, instances of non-compliance have also troubled the Indian banking sector.
One factor that explains the rather benign outcome is that European banks had entered the pandemic in fairly good shape. Having learned the lessons from the euro area sovereign debt crisis, banks have indeed now proved to be part of the solution, rather than the problem. The pandemic has disrupted supply chains.