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The study analyzed the impact of financial inclusion on the effectiveness ofmonetary policy in developing countries. By using a panel data set of 10developing countries during 2004-2020, the study revealed that the financialinclusion measured by the number of ATM per 100,000 adults had a significantnegative effect on monetary policy, whereas the other measure of financialinclusion i.e. the number of bank accounts per 100,000 adults had a positiveimpact on monetary policy, which is not statistically significant. The studyalso revealed that foreign direct investment (FDI), lending rate and exchangerate had a positive impact on inflation, but only the effect of lending rate isstatistically significant. Therefore, the governments of these countries shouldmake necessary drives to increase the level of financial inclusion as itstabilizes the price level by reducing the inflation in the economy.

Financial Inclusion and Monetary Policy: A Study on the Relationship  between Financial Inclusion and Effectiveness of Monetary Policy in  Developing Countries