Every country's economy and growth are largely reliant on the good financial system and that financial system depends on the quality of banking system. A supervisory mechanism is needed to assess the performance of the banking system. In India, RBI regulates and supervises the all banking functions for the development of economy. Now days, Indian banking sector has a high competition among all schedule commercial banks to strive for maximum profitability and maintain sustainable liquidity, earning capacity and growth. The primary goal of this article is to assess the financial stability of HDFC, ICICI, Axis, Kotak Mahindra, and IndusInd banks in India by applying EAGLES model. These private sector banks are selected on the basis of market capitalization. The financial data was collected through annual reports and analyzed using Mean and Anova One Way Classification at a 5% Level of significance. The study found that, significant variation in means on earnings (H01), asset quality (H02), equity (H05), and NII to NIC (H06.2) among five private sector banks.