There has been a considerable widening and deepening of the India financial system of which banking sector is a significant component under the influence of the financial sector reforms initiated during the early 1990s. Banking sector reforms have established a competitive system driven by market forces. A significant process of bank consolidation has been taking place in the country, reflected in a decline in the number of banks; this process has also systematically been associated with increased concentration as measured by standard concentration indices. This paper provides an empirical analysis of bank competition in India during the sample period of 2005-2017 using dynamic and static version of Panzar-Rosse model. The static panel techniques do not incorporate any temporal dependency (lags) of the dependent variable. The dynamic panel analyses use the lags of the dependent variable as explanatory variables and avoid specification bias in the estimation if adjustments towards market equilibrium are partial and not instantaneous. The econometric estimates suggest that overall markets have not become less competitive during the sample period. The hypotheses of perfect collusion as well as of perfect competition can be rejected using dynamic as well as fixed panel-econometric model estimations. The static Panzar-Rosse H-statistic has been found to be downward biased compared to the dynamic version during the sample period. The results of competitive analysis of Indian Banking industry remain robust to alternative estimators. The unit cost of funds, capital, and labor were found to be positive and statistically significant. The unit cost of funds was the highest contributor to the overall H statistic. The control variables, such as size and risk were found to be positively affecting the revenue. The empirical evidence indicates that the Indian banking system operates under monopolistic competition condition and competition coexists with high levels of market concentration in India.