The resolution to remunerate them from September next year was passed at a special general meeting on Tuesday.
The proposal was part of several recommendations made by a cricket committee comprising former captains following the side's first-round World Cup exit earlier this year.
The senior national selection committee comprises five selectors, one from each zone of the country.
Another of the cricket committee's recommendations was to scrap the zonal format of selectors to counter possible bias in the selection of players.
However, the criteria which they had fixed for five Tests and 15 ODIs has been relaxed and a member of the managing committee of a state association can still become a selector.
Explaining the rationale behind this decision, Srinivasan said, ''The constitution of the Board will have to be changed for implementing the criteria fixed for becoming a selector as the members feel that there is no need for it and this issue can also be taken up at the Working Committee meet whenever required.
"In case at some point in time, if any slight change is required, or there is need to tighten it further, it can be done by the working committee," he added.
The India team are playing a seven-match series in England which began on Tuesday after winning the three-test series 1-0.
BCCI axe ICL-bound players: BCCI also took a decision to sack breakaway league's (ICL) Executive Board chairman Kapil Dev from the post of chairman of the National Cricket Academy (NCA).
NCA Vice-Chairman Ajay Shirke will take over the reins of chairmanship till a new appointment is made at the annual general body meeting of the Board on Sept 28.
The Board has also axed 48 Indian players who have joined the ICL and announced that those who are associated with any other organisation will not be entitled to any benefits from the BCCI.
"The players are free to join up with any association they feel will serve them best, but then they will not be able to derive any benefit from the cricket board," Srinivasan said adding that they will not be able to play in any domestic matches or represent India if they join any other association.
Srinivsan further said, "The special AGM has also decided to follow the ICC rule in selecting a President a year in advance. Such a practice will ensure that the elected President has a good working knowledge of the Board and the elections will proceed in a smooth manner."
Domestic players to get more: Srinivasan also gave details of the finances of the Board after the Finance Committee today submitted the financial report to the Working Committee. He said, "The Board has decided that the match fee for Ranji Trophy will be raised to Rs 35,000 per day from the present Rs 26,000 per day and the prize money for all domestic tournaments has been increased to Rs 4.2 crore.''
Srinivasan pointed out, "The BCCI will be building its own National Cricket Academy (NCA) in Bangalore and the present NCA will be handed over back to the Karnataka State Cricket Association (KSCA) to use the facilities. The Board will also build an Indoor Cricket Academy in Delhi and a Zonal Academy in Kolkata to cater to the eastern and north-eastern states." The Board is also in the process of collecting archival material and will soon set up a state-of-the-art museum at Mumbai's Wankhede Stadium at a cost of Rs 10 crore.
Speaking about the long awaited website of the Board, Srinivasan said the website is almost ready with a bit of final touches left and will be operational in about a couple of months time.
On the upgradation of umpires performance, he said, "The Board has entered into a three-year agreement with Cricket Australia (CA) for training and development programme for the umpires."
ThatsCricket (with inputs from Agencies)