Despite winning its second World Twenty20 title in five years, the West Indies team has dropped to third in the ICC rankings in that format of the game.
New Zealand has moved to the top of the table for the first time following the annual update.
The new cycle, disregarded results from the 2012-13 season and therefore West Indies, which won its first Twenty20 championship in 2012 in Sri Lanka, lost points hence their drop in the ratings.
New Zealand has 132 points, having played its first World Twenty20 semi-final since 2007. India also has 132 points, but New Zealand was ahead by a factor of 0.21 when the decimal points were taken into consideration.
South Africa has been ranked No 4 and World Twenty20 2016 finalist England rounded up the top five.
In the One-Day Internationals (ODIs), Australia and New Zealand, which played the final of the 2015 World Cup, occupy the top two spots. South Africa have moved up a spot to No. 3, exchanging place with India.