In this paper, we present a state-of-the-art precipitation estimation framework which leverages advances in satellite remote sensing as well as Deep Learning (DL). The framework takes advantage of the improvements in spatial, spectral and temporal resolutions of the Advanced Baseline Imager (ABI) onboard the GOES-16 platform along with elevation information to improve the precipitation estimates. The procedure begins by first deriving a Rain/No Rain (R/NR) binary mask through classification of the pixels and then applying regression to estimate the amount of rainfall for rainy pixels. A Fully Convolutional Network is used as a regressor to predict precipitation estimates. The network is trained using the non-saturating conditional Generative Adversarial Network (cGAN) and Mean Squared Error (MSE) loss terms to generate results that better learn the complex distribution of precipitation in the observed data. Common verification metrics such as Probability Of Detection (POD), False Alarm Ratio (FAR), Critical Success Index (CSI), Bias, Correlation and MSE are used to evaluate the accuracy of both R/NR classification and real-valued precipitation estimates. Statistics and visualizations of the evaluation measures show improvements in the precipitation retrieval accuracy in the proposed framework compared to the baseline models trained using conventional MSE loss terms. This framework is proposed as an augmentation for PERSIANN-CCS (Precipitation Estimation from Remotely Sensed Information using Artificial Neural Network- Cloud Classification System) algorithm for estimating global precipitation.