Providing relief to home loan borrowers, the Reserve Bank of India (RBI) on Tuesday asked banks not to levy any penalty on pre-payment of loans taken on floating rate. "Though many banks have, in the recent past, voluntarily abolished the pre-payment penalties on their floating rate home loans, there is a need for ensuring uniformity across the banking system in this regard," RBI said in the annual monetary policy announcement for 2012-13.....
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