Thanks to their series victory in New Zealand and Australia's recent dip in form, India achieved their highest rankings in the ICC ODI Championship table since its inception in 2002, toppling Ricky Ponting's men from the second spot in the chart issued on Wednesday.
With 122 rating points in their kitty, Mahendra Singh Dhoni's men are just a point ahead of Australia, while South Africa sits pretty at the top with 127 points.
The Graeme Smith-led side's success in winning seven out of nine ODIs against Australia this year has consigned the four-time World Champions to their lowest ranking in the ICC ODI Championship table.
Interestingly, out of a total of 79 months since the launch of the ICC ODI Championship table, Australia has held the top spot for 69 months, including 52 straight months from October 2002 to January 2007.
However, despite trailing 1-3 against South Africa in the on-going five-match series, Ponting's men will regain their second spot from India if they manage to win the final ODI against the Proteas on Friday in Johannesburg.
If Australia end their South Africa tour on a winning note, they will rise to 123 ratings points, one ahead of India and three behind South Africa.
On the other hand, if South Africa win the match, they will finish the series on 128 ratings points, while Australia will head off to the United Arab Emirates to face Pakistan in a five-match ODI series in third place on 120 ratings points, trailing India by two.
New Zealand occupy the fourth spot with 112 points, followed by Pakistan (111), England (108), Sri Lanka (105) and West Indies (92).