With comprehensive financial reforms in 1990s, Indian banking sector witnessed several mergers and acquisitions, emergence of financial conglomerates, and wider participation of private and foreign banks. As a result, large and diversified financial entities, called universal banks, started offering traditional banking as well as value-added services including project consultancy, underwriting, investment banking, credit rating and other customized services under one-stop shop model. Complemented by an overall rise in economic activity demand for universal banking services has grown in leaps and bounds over last two decades. Despite encouraging response from industry and consumers universal banking has not yet received undisputed endorsement of policymakers and regulators as a sound and efficient model of financial services. This monograph is an attempt to quantify the extent of universalization among banks operating in India, and empirically measure their technical, allocative and cost efficiency for the period from 1997 to 2002. This study would be highly useful for students and practitioners in the field of banking and finance.