The international university rankings are now increasingly used for various purposes, including for funding decisions. Various stakeholders trust ranking assessments which are based on narrow set of criteria namely teaching, research, knowledge transfer, global outlook. However, the role of university in the contemporary scenario have evolved to include societal functions. This paper presents an analysis on the need for updating the ranking frameworks in the context of changing functions of the Universities. In depth literature review and thorough study of popular ranking frameworks (QS, THE and ARWU) were utilized for identifying areas whose inclusion may be beneficial towards addressing the new university functions. The study presents a case for inclusion of five criterion to expand the scope of university ranking framework besides their usual criticism.