The present paper empirically analysis the determinants of profitability of 26 Public and 19 Private sector banks in India for the period from the year 2011-2016. Theoretical framework is based upon Market Power Theory (Bain, 1951) -and Signalling Theory (Arrow, 1972 and Spence, 1973). Secondary source of data has been used. Return on Assets (ROA) has been used as a predictor of profitability of the Indian Banks. Independent variables, namely spread ratio, provision and contingencies, Credit Deposit Ratio, Operating Expenses Ratio, Profit per Employee, Business Per Employee, Non-Interest Income, Investment Deposit Ratio, Capital Adequacy Ratio, Non Performing Asset Ratio, Type of Bank have been used. Correlation and Panel Data Regression Analysis has been used. Multicollinearity has also been checked with the help of VIF values. Various Hypotheses have been developed on the basis of review of literature to test the association between profitability of respective banks and other independent variables. The results show that 64.94% variation in ROA is explained by variations in independent variables. The study also reveals an interesting result that provision and contingencies (negative) significantly influences the profitability of banks @10%, Non-Interest Income (positive), Business per Employee and Capital Adequacy Ratio (positive) @5%, Profit per Employee (positive) and Investment Deposit Ratio(negative) @1% respectively. Various variables namely Spread and Credit Deposit ratio have positive insignificant association with profitability and Operating expenses; Non-Performing Assets have negative insignificant association with profitability.