Based on current forecasts for revenues and costs, the BCCI would now receive $293 million across the eight-year cycle, down from the $570 million it would have received under the 2014 arrangement.
The International Cricket Council's (ICC) board voted to pass a new financial model that will reverse a 2014 decision which effectively put India, England and Australia in control of the game's finances and administration.
Under the new financial model and governance structure, the split of revenues from the ICC for the years 2016 to 2023 will be altered to address the imbalance currently favouring the three boards.
The measure was passed by 13 votes to one, the governing body said in a statement on Thursday after its meetings at its headquarters in Dubai.
The Board of Control for Cricket in India (BCCI), according to local media, was the only one to oppose the new financial model, which would see their revenue share cut by almost half.
Based on current forecasts for revenues and costs, the BCCI would now receive $293 million across the eight-year cycle, down from the $570 million it would have received under the 2014 arrangement.
The ICC said the England and Wales Cricket Board would be the second-best earners with $143 million, Zimbabwe would receive $94 million while the remaining seven full members would get $132 million each in the new model.
A revised constitution, which will allow the ICC to include additional full members in the future, was also approved by 12 votes to two. The decisions would have to be ratified at the ICC's annual conference in June.
ICC Chairman Shashank Manohar, who has been critical of the 'Big Three' model, welcomed the vote.
"This is another step forward for world cricket and I look forward to concluding the work at the Annual Conference," former BCCI chief Manohar, who will step down in June due to personal reasons, said.
"I am confident we can provide a strong foundation for the sport to grow and improve globally in the future through the adoption of the revised financial model and governance structure."
India, meanwhile, have yet to submit their squad for the upcoming Champions Trophy. The BCCI failed to deliver the squad info by the Tuesday midnight deadline and has not ruled out boycotting the tournament altogether.
The ICC board members were also briefed on the security situation in Pakistan following the visit of the ICC delegation to the final of the country's Twenty20 league in March in Lahore.
"The feasibility of further matches in Pakistan involving a World XI is now being considered from a security and budget perspective," the ICC said in a statement.
Pakistan has been forced to play most of its "home" games in the United Arab Emirates after gunmen fired on a bus carrying Sri Lanka's cricket team in 2009 with rifles, grenades and rockets, wounding six players and a British coach, and killing eight Pakistanis.