The present study deliberates on state of competitiveness in Indian Banking Industry by drawing heavily on Economic Value Added and Market Value Added Analysis. In India, banking sector reforms initiated in 1991 and 1998 led to the end of the era of 'Financial Repression’ and paved the way for 'market-oriented banking’. Now, the government is no longer the 100 percent owner of public sector banks. Shareholders and other financial stakeholders, now, need better efficiency, accountability and transparency of banking operations. Indian banking has constantly changed its vocabulary of performance starting from growth in branches, deposits and advances in 1980s, capital adequacy and reduction in NPAs in 1990s and a profitability consciousness in 2000s. There is a dire need to further strengthen the performance vocabulary by introducing value creation metrics such as EVA-MVA in the Indian banking system. The study calls for investigation into how much value in terms of EVA-MVA has been added/lost by Indian banks, the superiority of EVA-MVA over traditional performance measures and applicability of EVA as a Financial Decision Support System (FDSS) in banks.