Banking is defined as the business of accepting and securing money owned by other people and companies, and then lending it out to execute economic activities such as creating a profit or merely covering operating expenditures. The Indian Commercial banks face a vivid competition from private sector banks. Private Banks, having more incentive and risk, are right now one step ahead, but public sector banks have been doing well too. Banks play a key role in India's financial system and underpin economic growth. Although Indian authorities have taken a number of steps to strengthen the banking system, progress has been difficult and has been further curtailed by the COVID-19 pandemic. In the banking field, there has been an unprecedented growth and diversification of banking industry and banks are now utilizing the latest technologies like internet and mobile devices to carry out transactions and communicate with the masses. The performances of various banks have been measured using some crucial ratios under this research paper to determine the working efficiency of the banks. This research paper intends to cover the crucial aspects and dynamics that has affected or will further affect the banking sector as a whole of India. This article is a small seed to existing branch of knowledge in banking industry and is useful for bankers, strategist, policy makers and researchers.