Can good governance improve access to FINANCIAL INCLUSION? Although the short answer is yes, the long answer is the review of standards, processes, and management, which can provide a deeper level of financial inclusion. We all know-how growth and financial inclusion are directly related, especially in emerging economies, both at the macro and micro levels. The establishment of concrete legal frameworks, benefits management, liability outcomes, and risk crisis management are some of the areas where good governance can contribute to inclusion at all levels.

 Why is good governance a condition for financial inclusion?

• Directors or decision-makers are responsible for overseeing the policies, structure, processes, and overall structure of financial inclusion programs. And to do that, policymakers need to carefully plan and support the long-term vision of inclusion.

• Imagine building a home for your family that consists of your older parents, teenage children, and your partner. They may have different needs, for example, their parents do not like tall buildings and a teenager wants her bedroom to be spacious enough to play cricket, and a girl wants her bedroom to be painted pink.

How do you take care of each item? Now expand your imagination and think that in this small house like a country like India it is possible to provide for everyone’s needs? How much effort goes into setting up a structure, implementing policies, communicating with a subsidiary or correspondent, implementing solutions, getting feedback, and solving problems.

• This is the most difficult part of managing and building a solid management structure: you need to choose the ingredients carefully to integrate them into the structure and use solutions that support the vision. Only well-functioning and well-informed financial institutions can provide financial services to meet the growing needs of the economy.

• A good management approach to financial inclusion

Financial inclusion, a process that justifies the subscription to subscribers and guarantees transparency for all individuals. With good governance, new methods and resources can be implemented, regulations and competent actors can manage people’s money. It will also lead to people gaining financial training and knowledge, providing tailor-made services and products, and especially using technology to gain access to remote areas.


When a company nominated/approved by a board of directors offers various financial offers and products, it helps with financial inclusion. In most cases, banks are world-renowned trusted entities that they can withdraw from. Banks can subsidize different products/services and offer FI products in the most effective and cost-effective way.

According to RBI – Banks, it is advisable to offer all individual savings accounts (BSBDAs) with a minimum balance of zero and an ATM/debit card or self-checking document option to facilitate KYC standards. This is all possible by encouraging management and allowing regulated agents to approach individuals and gain access to banking services. In fact, banks are also being put under pressure to increase their physical presence and also adapt to methods such as kiosks, ATMs in rural areas, mobile buses, etc.


Banking and inclusion services are not only the opening of a bank account but also ‘knowledge of the benefits that banks offer. In addition, the government is taking further steps to inform people about finance and banking. Initiatives and programs are implemented by recognized institutions and RBIs; For example, the RBI has a Financial Awareness Message (FAME) booklet available in 13 different languages for banks and other stakeholders.

Another company, Ujjivan, has partnered with the Parinaam Foundation to provide classroom training to teach participants about cash flow, income and expenditure budget, economics, and debt management.

Another initiative has been taken by the NSE [National Stock Exchange] and the SEBI [Securities and Exchange Board of India] to educate children financially through their program. The source contains sessions on finance, budgeting, investing, and the stock market.

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