The BCCI on Sunday announced an increase in prize money for the domestic tournaments with the Ranji Trophy winners set to receive a whopping cash reward of Rs 5 crore this year.

According to the new pay structure, Ranji Trophy winners, who currently get a cheque of Rs 2 crore, will be receiving Rs 5 crore, while the runners-up and losing semifinalists will get Rs 3 crores and Rs 1 crore respectively.

"I'm pleased to announce an increase in prize money for all @BCCI Domestic Tournaments," BCCI secretary Jay Shah said in a tweet.

"We will continue our efforts to invest in Domestic Cricket – which is the backbone of Indian Cricket. Ranji winners to get ₹5 crores (from 2 cr), Sr Women winners Rs 50 lacs (from 6 lacs)." The cash prize for Irani Cup too has been doubled with the winners getting 50 lakh instead of Rs 25 lakh, and while the team finishing runners-up currently don't receive any cash reward, they will get 25 lakh from now on.

In Duleep Trophy, the champions will get Rs 1 crore and runners-up team will be receiving Rs 50 lakh, while winners of Vijay Hazare Trophy will now be getting a cheque of Rs 1 crore and the team finishing second best Rs 50 lakh.

Deodhar Trophy winners are set to get richer by Rs 40 lakh and the losing finalists will get Rs 20 lakh. Similarly, Syed Mushtaq Ali Trophy champions will be receiving a cheque of Rs 80 lakh and the losing team will get 40 lakh.

In a big boost to women's cricket in the country, the winners of the Senior Women's One Day trophy will get a cheque of Rs 50 lakh and the runners-up side will receive Rs 25 lakh.

The prize money of the senior women's T20 trophy has also been increased with the winners set to get Rs 40 lakh, eight times more than what they get now. The losing team will get Rs 20 lakh.

Indian cricket's 2023-24 domestic season will start with the Duleep Trophy tournament starting on June 28 while the flagship Ranji Trophy will commence from January 5 next year.

The Duleep Trophy, which will be played among six zonal teams, will be followed by Deodhar Trophy (List A) (July 24 to August 3), Irani Cup (October 1-5), Syed Mushtaq Ali Trophy Men's T20 national championships (October 16-November 6) and Vijay Hazare Trophy (November 23-December 15).

The senior women's season will begin with the national T20 championships to be played between October 19 to November 9, followed by Inter-Zonal T20 Trophy from November 24 to December 4.

This will be followed by senior women's one-day trophy to be played between January 4-26.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.