The decision was taken by Badal while presiding over a meeting of 125th Dr B R Ambedkar Janam Shatabdi Utsav Committee to finalise the year-long celebrations.
As many as 125 toppers each from class X and XII from government schools would be awarded the scholarship of Rs one lakh and Rs 1.5 lakh respectively.
It was also decided to organise a series of seminars on the life, philosophy and works of Ambedkar in universities of the state.
Secretary Higher Education will be the Nodal Officer of the committee which would prepare a schedule for organising the seminars.
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Punjabi University, Patiala, would organise the seminar in July which would be attended by eminent scholars, political thinkers and academicians of national and international repute to throw light on the varied aspects of Ambedkar's personality and his vision.
Badal also approved establishment of Department of Babasaheb Ambedkar Studies in Punjabi University on the pattern of such a Centre in Nagpur University.
The Chief Minister also gave nod to dedicate first two days of next Assembly session "exclusively" to highlight the philosophy and vision of Ambedkar, on the pattern of recently held two-day session in the Parliament.
Badal also gave approval to a state level function on the birth anniversary of Ambedkar at Phagwara on April 14.