The Toyota University Championship is a joint initiative of an English news channel, Union Human Resource Development Ministry and Association of Universities.
The new tournamnet has been approved by the BCCI's Working Committee, said Board President N Srinivasan via a video message at a function organised by the TV channel on Thursday.
"The proposal to conduct and give emphasis to university cricket by All India Universities was approved at the working committee of the BCCI," he said.
"The Rohinton Baria tournament has been extremely popular and competitive. This tournament has churned out a lot of good players, who went on to play for the country. The new initiative will enable people to see university cricket closely and also develop enthusiasm for the game," Srinivasan said.
"The Rohinton Baria is still an important and competitive tournament. For people to see university cricket, which they are not doing now, will be a big difference. I think it will give more opportunity.
"In a sense, one more tournament adds to the opportunity. Viewership being brought into university cricket is a very big thing," the BCCI chief added.
Eight teams will compete in the new tourney. The teams that have been selected from the four zones include Aligarh Muslim University, Awadhesh Pratap Singh University, Veer Bahadur Singh Purvanchal University, Mumbai University, Jiwaji University, University of Madras and Jain University.
Bollywood actor Shah Rukh Khan has been roped in as the brand ambassador for the competition.