Ranike was sworn-in by Punjab Governor Shivraj V Patil at a ceremony in Raj Bhavan, which was attended by Chief Minister Parkash Singh Badal, his cabinet colleagues and other senior leaders.
Deputy Chief Minister Sukhbir Singh Badal, however, was not present on the occasion.
Ranike was allocated the portfolios of Animal Husbandry, Dairy Development, Fisheries and Welfare of SCs and BCs
Chief Minister Badal, speaking on the occasion, said Ranike was re-inducted after he came out clean in a Vigilance Bureau probe.
A Vigilance Bureau probe, however, had given a clean chit to him, and had found his former PA guilty.
He was the third minister to resign from the cabinet after Bibi Jagir Kaur and Tota Singh, who were convicted in separate cases last year.