The paper endeavours to assess the Cost Efficiency (CE) scores of all Scheduled Commercial Banks operating in India. In order to have comprehensive vision the cost efficiency is evaluated across ownerships well to identify the best performing and worst performing banking sector. The study also determines the nature of Return to Scale (RTS) of the Indian banking industry. Further, the paper recognizes the number of banks operating as leaders and laggards according to Cost Efficiency and its component scores. The results of Data Envelopment Analysis (DEA) suggest that Indian Scheduled Commercial Banks have never achieved full Cost Efficiency score of 1 in any of the years from 2002-03 to 2012-13. The sector-wise findings highlight that Foreign Sector Banks are the most cost efficient banks followed by Private Sector Banks and at last the Public Sector Banks.