The government has also lauded the work done by the police for maintaining communal harmony during the recently concluded Ganeshotsav (August 25 to September 5) and Bakri Id (September 2) festivals.
The home department has issued a government resolution in this regard today, a senior police official said.
The reward amount will be distributed amongst the personnel belonging to the ranks of police constables and assistant police sub inspectors, he said.
While giving the reward to these police personnel, the work performed by them between the period of August 25 to September 5 will be taken into consideration, he added.
In the last week of August, flood like situation occurred due to the torrential rains in the city and suburbs.
Several people were stuck on the roads due to water logging in many places.
Mumbai Police, who were on the road during the rains helped people reach their destinations safely. It was due to the untiring work by police that hundreds of lives were saved in time, the official said.
The reward of Rs 5 crore announced by the home department is in recognition of the good work done by the police personnel in the last few months, the official said.
The amount will be handed over to the office of the Director General of Police and the DGP will distribute it to the concerned unit commanders, he said.