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As many as 117 athletes will represent India at the Paris Olympics. There will also be 140-strong support staff, making it a 257-member contingent.
However, Pandya, one of the heroes of India's T20 World Cup victory last month, will take a break during the three-match ODI series.
Rohit has been on a break since the title win in the West Indies and is set to miss the limited-overs tour of Sri Lanka later this month, which includes three ODIs.
The BCCI's decision has come following emotional appeals for support from ex-captain Kapil Dev and former player Sandeep Patil.
India will play Sri Lanka for an ODI series that begins with the 3 T20Is to be played on July 26, 27 and 29.
Last year, Pakistan had the hosting rights for the Asia Cup 2023 but the Indian government did not give approval to the team to travel and their matches were shifted to Sri Lanka.
As per the dsitribution formula, head coach Dravid and all the 15 memebers of the sqaud were to get Rs 5 crore each.
The world cup-winning opening batter replaces Rahul Dravid as the head coach.
The 37-year-old Rohit, who became the third Indian captain after legendary Kapil Dev and Mahendra Singh Dhoni to win a global trophy, has announced his retirement from the T20 format.
The legend said that during his tenure as head coach, he abhorred chopping and changing the side too much.