Major changes took place in Indian public sector banks (PSBs) after the mammoth merger of banks due to increased competition, new information technology, etc. The study aims to compare and examine the State Bank of India's (SBI) and Canara Bank's (CNB) performance in India from 2014–15 to 2018–19 using the CAMEL Approach. The study's major findings reveal that the Canara Bank is considered the best performer in capital adequacy and liquidity. Still, it must maintain a good quality of assets, management efficiency, and earnings. Along the same line, SBI has an excellent ranking in asset quality, management efficiency, and earnings; the paper also suggested that SBI has to improve its capital adequacy and liquidity. Finally, the study concludes that no significant difference in the performance of the SBI and Canara Bank as assessed by the CAMEL Model.