Mandhana has 710 rating points in her kitty while Raj has 738.
Australia's Alyssa Healy remained at the top spot with 742 points. Other Australians Beth Mooney (719) and Amy Satterthwaite (717) are at third and fourth places respectively.
Among the bowlers, veteran Indian pacer Jhulan Goswami retained her second spot with 727 rating points, behind Australia's Jess Jonassen (773).
Australia's Ellyse Perry was back at the top of the list of all-rounders after a fine show in the second ODI of their three-match series against England.
The 31-year-old scored a steady 64-ball 40 and took three for 12 in seven overs to win the Player of the Match award in Melbourne.
The performance helped her gain 47 rating points to go past England’s Nat Sciver (360) and grab number one position.
India's Deepti Sharma is unchanged at fourth with 299 points while Goswami (251) is at 10th.