Digital Financial Inclusion Among Self Help Group Women in India: A Study on Adoption, Ability and Attitude

Sakhi Roy () and Ankita Singh
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Sakhi Roy: Amity University
Ankita Singh: Amity University

A chapter in Financial Resilience and Environmental Sustainability, 2025, pp 167-188 from Springer

Abstract: Abstract In today’s financial landscape, economic growth hinges on an efficient financial system, where digital financial literacy plays a crucial role in individual well-being and system stability. In India, the Reserve Bank of India (RBI) has promoted mobile banking, particularly post-COVID-19, to enhance financial access. However, challenges like safety concerns and a lack of knowledge necessitate comprehensive educational initiatives. Digital financial literacy is especially vital for marginalized groups, such as Self-Help Groups (SHGs), who are already integrated into the formal banking system. With the proliferation of smartphones in rural India, SHGs are well-positioned to adopt digital banking. This study focuses on SHG women in West Bengal's Hooghly district, involving 80 participants across five Gram Panchayats. Data collected through interviews revealed that while respondents are familiar with traditional banking, they lack awareness of digital financial literacy. Approximately 47% identified a lack of awareness as the primary barrier to adopting digital payments, followed by fraud concerns (21%). Binary Logit Regression analysis highlighted the significant influence of education and leadership on the adoption of ATM withdrawals and mobile payments. Leaders, with their exposure to financial processes, are more inclined to embrace new technologies. Although current digital banking adoption is moderate, targeted educational efforts can greatly enhance it. These findings, relevant to Hooghly district, contribute to the broader discourse on financial literacy and digital banking adoption, offering insights for policymakers and stakeholders to empower rural women in the digital financial landscape.

Keywords: Financial digital literacy; Self help group; Adoption; Attitude; Ability; Binary logit regression; India (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-96-4269-4_7

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DOI: 10.1007/978-981-96-4269-4_7

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