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 T20 International Player Rankings which were launched in Colombo 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 No. 1 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 T20 International 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 T20 International 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 No. 1 in the batting rankings and excited that Charlotte Edwards is at No. 2. I'll be looking to continue my form into the ICC Women's World Twenty20 Sri Lanka 2012."
Edwards was also excited about the launch and praised Taylor's rise to the top of the table.
"I'm pleased to know that players in the women's game are being recognised in the T20 format with the introduction of the Reliance ICC T20I Player Rankings for women. The rankings highlight how the women's game continues to develop across the world with more and more T20 cricket being played.
"It's great to hear that I feature at number two in the batting rankings and I'm really pleased for Sarah that she's made the number one spot. She is in a great form at the moment and thoroughly deserves that accolade," said Edwards, who won the ICC Women's Player of the Year Award in 2008.
The top 20 list includes five batters each from Australia and England, three from West Indies and two each from India and New Zealand.
In the bowlers' category, Australia's Lisa Sthalekar leads the field with 666 ratings points, followed by Goswami of India in second spot with 653 ratings points.
The bowlers' table features five players from Australia and seven from England.
Sthalekar has picked 56 wickets in 46 T20Is with a best of four for 18. Only Anisa Mohammed of West Indies has picked more wickets (62 in 43 T20Is).
Sthalekar also leads the all-rounders' category with 356 ratings points thanks to 604 runs in addition to those 56 wickets. West Indies' Stafanie Taylor is in the second place with 353 points.
Photograph: Richard Heathcote/Getty Images
