India's National Bank for Agriculture and Rural Development (NABARD) will create a 15 billion rupees (300 million U.S. dollars) fund to cater to women's Self-Help Groups in economically weaker districts in the country, according to a local daily Sunday.

The report quoted Indian Minister for Rural Development Jairam Ramesh as saying the NABARD would participate in the effort by refinancing banks which lend to women's Self Help Groups.

The minister said these groups require different types of loans which public sector banks are unable to provide. So the poor are driven to micro-finance institutions, which offer credit on flexible terms but at exorbitant rates of interest.

The minister also said that the National Rural Livelihood Mission of the government plans to connect at least one woman from each poor household with a Self Help Group to empower and promote economic well-being.

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