The decision was taken at a cabinet meeting presided over by Chief Minister Nitish Kumar, the Principal Secretary (Cabinet Coordination and Secretariat) Ravikant said.
The fund will meet the requirement for salaries, pensions and DA of the teaching and non-teaching staffers of nine state universities from March 2012 to February 2013, he said.
Among the 21-point agenda, the state government also approved a proposal for taking loan amounting to 80 per cent of the projected cost at Rs. 1658 crore for construction of four state highways of 254-km length under the Bihar State Highway Project Phase-2, Ravikant said.
The remaining 20 per cent cost will be borne by the state government, the Principal Secretary (Cabinet Coordination and Secretariat) said.
The state government sanctioned Rs. 29 crore for setting up state project facilitation unit for upgradation of the engineering colleges under the centrally-sponsored technical education reforms scheme phase-2, he said, adding that Rs. Four crores have been released for execution of works.
An amount of Rs. 362.13 crore was approved for arrangement of clean water in 145 'tolas' (pockets) in arsenic-affected Bhojpur district, Ravikants said.