Digital Financial Literacy, Awareness of Banking Products and Services, And Financial Inclusion Among Scheduled Caste Women in Kolhapur District, Maharashtra: Evidence from A Cross-Sectional Study

Abstract

Digital financial literacy has gained importance with the expansion of digital banking and payment services in India. However, access to formal financial services alone may not ensure their effective use, particularly among women from socially and economically disadvantaged communities. This study examines the relationships among Digital Financial Literacy, Awareness of Banking Products and Services, and Financial Inclusion among Scheduled Caste women in Kolhapur District, Maharashtra. A quantitative cross-sectional research design was adopted, and primary data were collected from 250 respondents using a structured questionnaire. The data were analysed using descriptive statistics, reliability analysis, Pearson correlation, and multiple linear regression. The results showed significant positive relationships between Digital Financial Literacy and Financial Inclusion (r = .704, p < .001), Banking Awareness and Financial Inclusion (r = .658, p < .001), and Digital Financial Literacy and Banking Awareness (r = .618, p < .001). The regression model was statistically significant (R = .759, R² = .576, Adjusted R² = .573, F(2, 247) = 167.79, p < .001), indicating that Digital Financial Literacy and Banking Awareness jointly accounted for 57.6% of the variance in Financial Inclusion. Digital Financial Literacy showed the stronger unique association (β = .481) compared with Banking Awareness (β = .361). The findings highlight the relevance of practical digital financial knowledge and banking awareness in strengthening meaningful participation in formal financial services among Scheduled Caste women.