There is an established evidence of climatic teleconnection between El Niño–Southern Oscillation (ENSO) and Indian summer monsoon rainfall (ISMR) during June through September. Against the long-recognized negative correlation between ISMR and ENSO, unusual experiences of some recent years motivate the search for some other causal climatic variable, influencing the rainfall over the Indian subcontinent. Influence of recently identified Equatorial Indian Ocean Oscillation (EQUINOO, atmospheric part of Indian Ocean Dipole mode) is being investigated in this regard. However, the dynamic nature of cause-effect relationship burdens a robust and consistent prediction. In this study, (1) a Bayesian dynamic linear model (BDLM) is proposed to capture the dynamic relationship between large-scale circulation indices and monthly variation of ISMR and (2) EQUINOO is used along with ENSO information to establish their concurrent effect on monthly variation of ISMR. This large-scale circulation information is used in the form of corresponding indices as exogenous input to BDLM, to predict the monthly ISMR. It is shown that the Indian monthly rainfall can be modeled in a better way using these two climatic variables concurrently (correlation coefficient between observed and predicted rainfall is 0.82), especially in those years when negative correlation between ENSO and ISMR is not well reflected (i.e., 1997, 2002, etc.). Apart from the efficacy of capturing the dynamic relationship by BDLM, this study further establishes that monthly variation of ISMR is influenced by the concurrent effects of ENSO and EQUINOO.