How does this compare to employment bonds of today?

At least I know of likes of Infy, TCS etc doing this (in the home country) — making freshers sign bonds for 2-3 years and if you want to leave within that period the only way is to pay a good amount irrespective of whether you didn’t receive a salary raise or didn’t get the opportunities which were good good for you. If you don’t pay the bond — they won’t usually drag you to a court (they send legal notices for sure) but they will also not issue you an experience certificate.