The RBI has directed banks not to levy any penalty on individual borrowers for pre-paying floating loans. It said banks will not be permitted to charge foreclosure charges or pre-payment penalties on all floating rate term loans sanctioned to individual borrowers, with immediate effect.A RBI notification said yesterday that the floating loan products include housing, corporate, vehicle and personal loans.The RBI had on Tuesday asked banks not to levy penalties on customers who do not maintain a minimum balance in any inoperative account, as part of a consumer protection initiative