Hello Ashwin,
no I'm sorry, there isn't (to my knowledge, at least).
You can now however, query CDS entities from xsjs, so this may be one way of working around the issue (for each OData entity in your service definition, you'll need to have a corresponding xsjs handler for the Read method). I don't like this method very much however.
Out of interest, what is your need for read exits? It may be worthwhile a group of SCN users documenting all the instances in which they need read exits, where there is no other reasonable workaround.
My application uses a (non-SAP) reverse-proxy in which I have the ability to write code, so I'm able to do some filtering/querying before the data reaches the client, or before the client's request reaches the HANA OData service.
Hagen