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.
Let me recount some instances: i) A few years ago, in 2007–08, several banks were found involved in mis-selling complex derivative products to unsophisticated and naïve customers, blissfully unaware of the risks involved in these products.