India, who have made steady upward progress after its winning streak of nine consecutive ODI triumphs, now have 122 rating points to be just three points behind top rankers South Africa.
The Proteas recently climbed to the top of the table at Australia's expense.
Australia (121) have been pushed to the third place while New Zealand follow on fourth rung with 117 points. Pakistan is further down the ladder at fifth while England and Sri Lanka are sixth and seventh respectively.
Australia, who have been on the decline in the last few months, have just about managed to retain their place as the number one team in the longer version of the game despite losing the Test series at home to South Africa.
South Africa and India are now the top challengers to Ricky Ponting's team in both the versions.
In ICC Test Rankings, Australia have 126 points while second placed South Africa is 121 and would get a chance to topple Australia when they take on Ponting's men in a home series beginning later this month. India are third placed with 118 points.
The number one ODI team on 1st April will be richer by USD 175,000 with the runners-up getting USD 75,000. (RB-06/02)
