We propose that the electrons responsible for superconductivity in Li$_2$Pd$_3$B come from the palladium 4d-electrons. So, its electronic properties are likely to be dominated by strong electronic correlations. The basic unit in this material are Pd$_6$B octahedra which share vertices to form a 3-dimensional network. Due to the highly distorted nature of the Pd$_6$B octahedron, one far stretched Pd atom per octahedra becomes almost inactive for electronic conduction. Thus, the material escapes the fate of becoming a half filled insulating Mott antiferromagnet by hiding extra charges at these inactive Pd sites and becomes a self doped correlated metal. We propose a 3-dimensional single band t-J model which could be the correct minimal model for this material.