The state will receive Rs 90 crore in the first phase of the scheme.
"I spoke to Union Agriculture Minister Radha Mohan Singh today and he has given a green signal," Revenue Minister Eknath Khadse said in the Legislative Council.
The scheme will be launched in Pune, Mumbai (Aarey colony), Amravati and Daapcheri.
Khadse also claimed that even before the presiential assent, several NGOs and religious leaders had come out in support of the ban and expressed willingness to take care of old, sick and non-milching cattle.
"There was no need to worry about unproductive animals anyway. Medicines made from cow urine and dung have a great demand. Hence even the animals which are unproductive for farmers can be used for medicinal purposes," Khadse said.
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