Does your ug college ranking (India) matter while applying for masters in US/UK?

Yes. To some extent, your UG college ranking matters while applying for masters in US or UK or any other country for that matter. The eligibility requirements basically ask you to have completed your bachelors with a certain minimum percentage from a reputed and recognized university. So as long your university is accredited and recognized, even if it’s a low ranking one, it won’t hamper your chances. 

What really matters and is directly proportionate to your admission chances is your bachelor’s GPA and not really your university’s ranking. 

Hope this clears your doubts!