BANKING LENDING POLICIES AND RECOVERY PROCEDURE IN NIGERIA

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

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CHAPTER ONE

INTRODUCTION

A bank could be described as a major financial institute; other such institutions include fiancé house, insurance companies, mortgage companies etc. The main function of those financial institutions is to provide financial support to those who are in need. Apart from this function, counseling, acceptance of deposits, provision of loans and advances and also providing safekeeping place for people valuables. Many banks play intermediary roles in the financial sector of the economy which focus primarily on the following

1. Moderation of the rate of inflation
2. Reduction of pressures on the external sector so as to achieve a sustainable balance of payment position.

• Establishing the naira exchange rate in Nigeria.

Banks could be classified into the following categories.

1. Central Banks
2. Commercial banks
3. Merchant banks
4. Development banks
5. Community banks

Obviously with an observers first contact with a developing economy, all these categories of banks play important roles in stimulating the economy. They deal with members of the public. Firstly, they all provide first information and investment advice to willing customers to spread banking services to the grass-root  considering the fact that a greater percentage of the country’s population reside in the rural areas.

Development banks by implication tend to carry out their functions effectively because they diversify into specialized areas such as Agricultural and Industry. An example is the Nigeria Agricultural and commercial bank (NACB) and Nigeria Industry Development Bank (NIDB). Hence the development of the economy is stimulated through these agency functions.

In order to achieve their set out objectives all these banks rely on certain instruments and policies which include reserve requirements, stabilization of securities, interest rate policy (lending policy) exchange rate and foreign exchange management. Discount rate policy among others which in Nigeria a developing country are put in place and over seen by the government owed central bank.

Lending has over the years become one of the most important functions in banking operations.  It provides money for investments which in turn yields turnover and increases the liquidity in circulation, due to this direct effect, it has on the economy and business development, it is being pursed in many developing countries where banks and their lending activities have been usefully integrated into government policy formulation in the national economic development process.  In Nigeria for example, where majority of the population live in object poverty, funds are very difficult to come by either for investment purposes or otherwise.

Thus, the federal government finds it necessary and critical to interview in the formulation of bank lending policies.

Lending is giving something to someone else for use over a short period of time (in this case money with interest where being paid bank).

In the objective of lending activity, the banks in the country have come up with policy guidelines which basically provides the frame-work for dealing with loans and advances.  Some of these policies are designed to have relevance to the interval constraints of each bank for instance, sector performance, deposit base, risks existing exposure while others are derwed mainly from the guidelines issued periodically by the central banks for control reasons and known as monetary and credit policy guidelines for each fiscal year.  A lending policy if properly articulated could provide a guide for safe.  Sound and profitable banking activities.  If on the other hand, the lending policy is not properly formulated, it could lead to the banks liquidation.

Irrespective of the amount of liquidity available in a bank, it may find it practically impossible to satisfy all the requests it lies for loans since the requests may outstrip available resources.  The bank thus has to discriminate in its decision to lend.  Such actions must however be based on objectives funds available for loans must be judiciously applied strictly along the banks policy guidelines.  When the policy has been formulated, lending procedures evolves as check towards ensuring that the objectives it realized.

Lending procedures which acts as checks towards making sure that the objectives of the policy guidelines are achieved includes.

• How loan are to be processed
• What documents are required
• Necessary securities
• Where various documents should be sent
• Recommendation to be forward etc

Like any other operational procedures, these should not be breached in any way otherwise it could cause doubtful debts etc.  Due to improper lending, most banks make