"We hope that he will take his chance in returning to the one-day side", Cricbuzz reported Hohns as saying.
The ODI team also marks the return of Marcus Stonis who has been out of worldwide cricket due to an injury he suffered during Indian Premier League (IPL).
"Nathan brings raw pace to the side with good variation", national selector Trevor Hohns said.
Fast bowling all-rounder James Faulkner, who was overlooked for the Champions Trophy and missed out on a national contract, has instead been recalled, along with Nathan Coulter-Nile.
Nathan Coulter-Nile returns to both squads following his recent recovery from a back injury, with James Faulkner receiving a recall along with newcomer to the short format, Hilton Cartwright.
Meanwhile, all-rounder Moises Henriques, injured quartet - Chris Lynn, John Hastings, James Pattinson and Mitchell Starc - are the five omissions from the squad, who were a part of the Champions Trophy squad.
Just before Australia embarked on their Bangladesh tour, Cricket Australia (CA) announced squads for their upcoming One-Day International (ODI) and Twenty20 International (T20) series against India.
"It is great to see him back from injury and we are hopeful he will have a big impact in this series".
In the T20 squad, pacemen Jason Behrendorff and Kane Richardson were selected, while Josh Hazlewood was left out of the T20 leg of the tour.
Uncapped Western Australia paceman Jason Behrendorff has been selected in Australia's T20 squad following his return from an injury setback, along with veteran all-rounder Dan Christian and Tasmania wicketkeeper Tim Paine. The ODI squad consists of 14 members while the T20I squad has 13 players.
On the inclusion of Paine, Behrendorff, and Christian to the T20I side, T20 selector Mark Waugh said: "Jason has been a stand out performer for the Scorchers for a number of seasons and deserves his chance at this level".
"Dan is a very experienced all-rounder who can be a very unsafe batsman".
Cummins only made his return to the Test arena in India in March after an nearly six-year absence because of injury and he was named alongside Hazlewood in Australia's Bangladesh tour party, which departed for the subcontinent on Friday. They have a fantastic T20 and List A record and might prove to be the X-factor in the side given their experience in Big Bash T20 League. The T20Is will held in Hyderabad, Ranchi and Guwahati.