The banking system in India is significantly different from that of other Asian nations because of the country’s unique geographic, social, and economic characteristics. India has a large population and land size, a diverse culture, and extreme disparities in income, which are marked among its regions. There are high levels of illiteracy among a large percentage of its population but, at the same time, the country has a large reservoir of managerial and technologically advanced talent. In this article, an attempt has been made to rank the various commercial banks operating in India. The banks in India have been categorized into Public sector, Private sector, and Foreign banks. For the purpose of profitability analysis, 26 Public Sector, 18 Private Sector, and 15 Foreign banks have been taken into consideration. For the purpose of ranking, CAMEL analysis technique has been used. Each parameter of CAMEL—Capital Adequacy, Asset Quality, Management Quality, Earning Quality, and Liquidity has been evaluated. This research paper was carried out to find the adequacy of CAMEL in capturing the overall performance of a bank. In addition, the best ratios in each of the factors in CAMEL were identified and tested for the significance between Public sector, Private sector, and Foreign banks.