This dissertation project addresses one of the most critical problems in the study of religion: how do scriptures acquire significance in religious communities in ways that go beyond the meaning of their words? Based on data collected during ethnographic work in Maharashtra, India, in 2011 and 2012, I analyze the complex relationship between a religious text and its readers with reference to ritual reading of the Gurucaritra, a Marathi scripture written in the sixteenth century. I argue that readers of the Gurucaritra create a self-actualized modern religiosity both by interpreting the content of the text and by negotiating the rules of praxis surrounding their reading activity. In particular, this dissertation analyzes the ways in which members of the Dattatreya tradition in urban Maharashatra ritualize their tradition's central text--the Gurucaritra--in terms of everyday issues and concerns of the present. Taking inspiration from reader-response criticism, I focus on the pārāyaṇ; (reading the entire text) of the Gurucaritra, the central scripture of the Dattatreya tradition, in the context of its contemporary readings in Maharashtra. In the process of reading the Gurucaritra, readers become modern by making a conscious selection from their tradition. In the process of approaching their tradition through the text, what they achieve is a sense of continuity and a faith that, if they have the support of the guru, nothing can go wrong. In the process of choosing elements from their tradition, they ultimately achieve a sense of being modern individuals who work out rules of religiosity for themselves. This dissertation contributes to the study of scriptures in two major ways: first, by bringing forth how religious communities engage with scriptures for reasons other than their comprehension; second, by showing how scriptures can play a crucial role in religious communities in the context of addressing concerns of their present. Thus, this research contributes to the fields of scripture studies, Hinduism, and literary criticism.