Connecting realms: investigating the interplay of financial and social inclusion in India

Financial and social inclusion are emerging as critical facilitators of economic growth and development that significantly drive away poverty. The purpose of this paper is to model and quantify the link between financial and social inclusion. Data were collected, and the hypotheses of this study were analysed using PLS-SEM through SmartPLS software. The findings from the study showed that financial inclusion has a significant and positive effect on social inclusion. Given the limited existing research on this topic, this paper contributes by establishing connections between distinct dimensions of financial and social inclusion, offering guidance for future research. The insights gleaned from this study can assist financial service providers, policymakers, and regulators in crafting more effective financial products and social inclusion policies aimed at serving marginalised communities.