Mithali Raj was the best-placed Indian batter at number three while Jhulan Goswami was the country's highest-ranked bowler at second in the ICC Women's T20I Player Rankings which were launched here on Monday.
Another Indian, Harpreet Kaur, was placed in the sixth spot in the batting list with 587 points.
Mithali had 652 rating points while Jhulan rose to the second position with 653 points.
Amita Sharma took the fifth position in the all-rounder's chart with 205 points.
England's Sarah Taylor and Lisa Sthalekar of Australia were revealed as the number-one ranked batter and bowler, respectively.
The launching ceremony took place just two days before the start of ICC Women's World Twenty20 in Galle on September 26
Taylor, who recently won the ICC Women's T20I Cricketer of the Year Award, leads the batting table with 691 ratings points.
England captain Charlotte Edwards is in second spot in the batting table and trails Taylor by just nine ratings points at 682.
Commenting on the launch of the rankings, 23-year-old Taylor said: "It's great to hear the ICC is introducing the Reliance ICC T20I Player Rankings for women. It's another step forward for the women's game and illustrates how more T20 cricket is being played.
"I'm delighted to be number-one in the batting rankings and excited that Charlotte Edwards is at number-two. I'll be looking to continue my form into the ICC Women's World Twenty20 Sri Lanka 2012."